Purisima Congratulates New WB Chief

MANILA, Philippines — Finance Secretary Cesar V. Purisima congratulated Dr. Jim Yong Kim for his election as the new president of World Bank (WB).

In a statement, the Department of Finance (DOF) head said the Philippines assures Kim of its continued support to the multilateral agency under his leadership as the Bank moves to ensure that sustainable and inclusive growth is experienced across all nations.

“We are eager to work with Dr. Kim, a development expert and an anthropologist, on strengthening the Bank's initiatives toward uplifting people's lives – a mission that Dr. Kim has lived throughout his work in international development," Purisima said.

Before the World Bank election, Purisima has already thrown his support behind the United States nominee to the top post.

“The Philippines and the World Bank group have already achieved significant milestones in eradicating poverty, strengthening governance, and boosting economic growth. We hope to further deepen this partnership with the Bank under Dr. Kim's leadership," Purisima said.

The World Bank, one of two multilateral organizations created by the Brettonwoods Agreement after the Great Depression, selected its new leader as Robert Zoellick, its current president, steps down by June 30.

Aside from Kim, Former Colombian Finance Minister Jose Antonio Ocampo and Nigerian Finance Minister Ngozi Okonjo Iweala were also nominated for the post traditionally held by an American.

The Finance chief pointed to Kim’s track record of working with the World Health Organization (WHO) as a “new focus” for the World Bank, “one that connects financial and economic stability to a direct and sustainable prosperity not only to nations, but more importantly to people.” Korean-born Kim is a former director of WHO’s Department of HIV/AIDS who led initiatives to treat 3 million people infected by the virus in the developing countries from 2003 to 2007. He is also a co-founder and board member of Boston-based Partners in Health which aims to provide universal access to primary health care to poor nations, especially on HIV/AIDS and tuberculosis.

“As we move toward the achievement of the Millennium Development Goals by 2015, Mr. Kim’s expertise in anthropology and development will surely be an asset to the World Bank,” Purisima said, referring to the set of goals agreed by the United Nations.

source: mb.com.ph

World Bank President Known Monday

WASHINGTON (AFP) – The World Bank will meet on Monday to decide which of three candidates will be its 12th president, after a historic campaign that saw the first serious challenge to US leadership of the institution.

According to a source close to the decision making process, the World Bank's board will convene Monday to choose between American nominee Jim Yong Kim and two candidates who embody developing countries' demands to have a bigger say in global governance.

Though Kim remains the odds-on favorite to win, Nigerian finance minister Ngozi Okonjo-Iweala and Colombian Jose Antonio Ocampo have transformed what is normally a US coronation into a fully-fledged battle of succession.

Thanks to a tacit agreement, the US, the Bank's biggest stakeholder, has always chosen its leader, with support from Europe, which in turn nominates the head of the International Monetary Fund.

Widely respected Nigerian finance minister Okonjo-Iweala and Colombian former finance minister Ocampo, have given voice to demands from Africa, Asia and Latin America, that the arrangement must end.

Forced onto the back foot, President Barack Obama and his administration have pushed back hard for Kim's nomination.

The Korea-born, US-raised physician has gone on a global charm offensive.

In an interview statement to the board of directors on Wednesday, Kim vowed to bring a listening ear and objectivity to the post.

As head of the World Bank, the president plays a crucial running an organization that doled out $57.3 billion last year and has more than 9,000 employees worldwide.

"If I were entrusted with the responsibility of leading this institution, you would find in me someone who asks hard questions about the status quo and is not afraid to challenge existing orthodoxies," he said.

A Harvard-trained doctor and anthropologist, Kim, 52, is the former director of the department of HIV/AIDS at the World Health Organization. He became the president of the Ivy League college Dartmouth, in New Hampshire, in July 2009. "You'd also find someone interested in listening – to the Board, to our clients, to staff both here and in the field and to stakeholders in the private sector and civil society."

source: mb.com.ph