Business
Nigeria’s Ngozi Okonjo-Iweala lauds Kim, seeks change
She had earlier in the day said the appointment was “not really being decided on merit.”
Under a tacit agreement since the Bretton Woods institutions were founded nearly 70 years ago, the United States has always put a US national at the helm of the World Bank and Europe has picked a European to lead the International Monetary Fund (IMF).
The US nominee faced a challenge for the first time in 66 years from two strong developing country candidates.
The other candidate, former Colombian finance minister Jose Antonio Ocampo, dropped out on Friday complaining that the selection process was all political.
Okonjo-Iweala emerged a candidate for the World Bank presidency with developing economies pushing for greater influence at the 187-nation lender.
She took over as Nigeria’s finance minister in August, her second time in the role, after serving as World Bank managing director from 2007 to 2011.
Okonjo-Iweala, 57, previously served as Nigeria’s finance minister between 2003 and 2006 and was lauded for having negotiated the cancellation of US$18 billion of Nigeria’s debt. She also served briefly as foreign minister.
