sparked by his initial refusal to say if he accepted the scientific consensus on climate change, and pressure by Treasury Secretary Janet Yellen for him to adopt “bolder” reforms.
“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” Biden said in a statement, hailing the business executive’s Indian roots and knowledge of the challenges facing developing countries and ability to mobilize private capital to tackle big problems. India was expected to support Banga’s candidacy, according to Krishnamurthy Subramanian, the former top economic adviser to the Indian government who now serves as India’s executive director at the International Monetary Fund . “It’s an elegant solution.”The bank has historically been headed by someone from the United States, its largest shareholder, while a European heads the IMF, but developing countries and emerging markets have pushed to widen those choices.
Asked about Washington’s decision not to nominate a woman, the official said Banga had “a personal conviction and excellent track record promoting diversity, equity, and inclusion in the work that he does” and would bring that view to the bank. Oxfam International said the next bank president should be chosen through a transparent global process. “The World Bank is not a US bank, a commercial bank, or a private equity firm. For a job of this stature, we need more than a tap on the shoulder from President Biden.”