Which of the following statements is are correct regarding appointment of the President of Worl...........

Economic Affairs World Bank and IMF

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Which of the following statements is/are correct regarding appointment of the President of World Bank-

1. The candidate must be a former central bank governor of the World Bank’s member countries.

2. Generally US-backed candidate gets elected for the post of the president.

Choose the correct answer using the codes below-

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Executive directors of the World Bank can nominate candidates for the post and the candidate must be citizens of one of the bank’s member countries and cannot be a bank governor, executive director or alternate.

To win the presidency of the World Bank, a candidate must win approval from the institution’s executive board, which has 25 members. The US holds a 16% share of board voting power hence more often it is the US-backed candidate gets elected for the post of the president.