Former President of MasterCard: The United States nominates Panga as President of the World Bank

The United States proposed Ajay Banga as the new head of the World Bank. An Indian-American now has the best chance of getting the job thanks to the nomination.

US President Joe Biden has nominated former MasterCard chief Ajay Banga as the new president of the World Bank. Banga is ideally suited to lead the World Bank at this crucial moment in history. It can also tackle the most important challenges of the present, including those of climate change.

The 63-year-old is said to be the undisputed successor to David Malpass. The current head of the World Bank was nominated for the position by former US President Donald Trump. He was criticized for expressing doubts at a conference that burning fossil fuels contributes to global warming. Malpass surprisingly announced his resignation a few days earlier.

There is no woman at the helm of the World Bank

Panga’s nomination to head the World Bank is a rejection of calls to lead the organization by a woman for the first time in its 77-year history. Ngozi Okonjo-Iweala, the current head of the World Trade Organization (WTO), has been circulated as a possible candidate.

Although member states can nominate other applicants until March 29, the United States usually provides the World Bank president. On the other hand, the head of the sister organization the International Monetary Fund always comes from Europe. Critics call for other regions of the world to be considered when filling positions.

From the point of view of Executive Director of the Anti-Poverty Coalition Jubilee USA Network, Eric LeCompte, it is extremely significant that Panga was born in India. The United States was looking for a candidate “supported by developing countries.”

Demands to reform the World Bank

The World Bank is facing demands for reform, which should also be one of the issues at the G20 meeting of finance ministers and central bank governors in Bangalore. The goal should be to mobilize more money to fight climate change, the coronavirus pandemic, and other global challenges.

The World Bank lends money to poor countries on favorable terms with the aim of boosting their economy and reducing poverty. The organization is supported by 189 countries around the world.