June 21, 2024

Taylor Daily Press

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Russia says it is considering challenging the US nominee to head the World Bank

Russia says it is considering challenging the US nominee to head the World Bank

Russia is consulting with its allies about challenging the US-appointed head of the World Bank, the bank’s top representative in Moscow said on Tuesday.

Russia remains a voting member of the World Bank, although last March the bank called all projects in Russia and Belarus “hostilities against the people of Ukraine” following Russia’s invasion.

Roman Marshavin, the World Bank director representing Russia and Syria, told Reuters that “the list of possible candidates and consultations are still ongoing,” but gave no details. He said the decision would be taken in Moscow.

Russia’s plans were first reported by Russian state agency TASS.

It cited Russian financiers and foreign economists, former heads of international organizations, and several former finance ministers and heads of central banks as Marshvin talks with other countries about possible candidates.

Marshawn declined to comment on the details of the TASS report or whether other countries were involved.

U.S. President Joe Biden last month appointed former MasterCard CEO Ajay Banga, 63, to replace David Malpass at the helm of the World Bank, which provides billions of dollars in financing to developing countries.

Banga, who is touring Africa this week, said last week that he has received support from India, Ghana and Kenya. He also received positive reviews from France and Germany at a meeting of 20 officials and received support from Bangladesh on Tuesday.

The Treasury Department declined to comment on a potential Russian challenge.

Although the bench will accept nominations from other countries until March 29, Banka is almost certain to fill the slot with Biden’s nomination.

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Since its inception at the end of World War II, the World Bank has been run by an American, the lender’s largest shareholder.

A challenge from Russia or allies is unlikely to change the outcome of the shareholder structure, but it could expose tensions between the bank and other global financial institutions — the US and the West, as well as the bank’s third-largest shareholder, China. Bring to light.