Ms Okonjo-Iweala |
The candidacies of Okonjo-Iweala and Ocampo, who have credentials as
both economists and diplomats and according to sources the respective backing
of Brazil and South Africa, pose a challenge to the United States, whose hold
on the top post has never been contested.
But with its majority of votes and the expected support of European
countries, the United States is still likely to ensure that another American
will succeed Robert Zoellick, who plans to step down when his term expires at
the end of June.
Washington has held the presidency since the Bank's founding after
World War Two, while a European has always led the International Monetary Fund.
It has yet to publicly identify a nominee to succeed Zoellick.
The deadline for submitting nominations is Friday, and the Obama
administration has said it will name a candidate by then.
All of the World Bank's 187 members nations have committed to a
merit-based process to select Zoellick's successor.
Emerging and developing economies have long talked up their desire to
break U.S. and European dominance of the Bretton Woods Institutions, but have
until now have failed to build a coalition large enough to change the status
quo.
Three sources said Ocampo, currently a professor at Columbia University
in New York, would be formally nominated by Brazil.
One source said Okonjo-Iweala could be nominated on Wednesday, while
two other sources said it would be Friday.
Nominations will be submitted to the 25-member World Bank board, which
has said it will decide on the next president within the next month.
Two sources said Okonjo-Iweala's candidacy had the blessing of Nigerian
President Goodluck Jonathan, who convinced her to join his cabinet last year to
lend more weight to his reform agenda.
The decision to nominate Okonjo-Iweala and Ocampo followed weeks of
discussions among emerging and developing countries at the World Bank board
including China and India.
Two sources said South Africa's director at the World Bank board,
Renosi Mokate, who also represents Nigeria and other English-speaking African
countries, personally flew to Abuja to consult with Okonjo-Iweala about her
nomination.
"The impressive credentials of both Ocampo and Okonjo-Iweala puts
tremendous pressure on the White House to come up with a candidate of at least
equivalent standing," said Domenico Lombardi, a former World Bank board
official now at the Brookings Institution in Washington.
Okonjo-Iweala, who left the World Bank as managing director last year
to become Nigeria's finance minister, and Ocampo, a former U.N. under-secretary
for economic and social affairs, will join American economist Jeffrey Sachs,
who has the backing of a handful of small countries, on the nomination list.
Sources with knowledge of the administration's thinking say Washington
has focused on convincing a woman to enter the race, which could go some way to
address calls by emerging market nations for change. A woman has never led the
bank.
Susan Rice, the U.S. ambassador to the United Nations, was a leading
contender, however, it is not clear she wants the job, sources have said.
Former adviser to President Barack Obama, Lawrence Summers, has also been
short-listed for the job. He has declined to comment.
Lombardi said the test was whether large emerging economies like China
would rally support for Ocampo and Okonjo-Iweala, or in the end vote for a U.S.
nominee.
Source: Reuters,af.reuters.com, reported by Lesley Wroughton in
washington
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