A naturalised American who was, in his words, “made in India”, and a private-sector businessman, Ajay Banga represents a break from tradition. Emerging economies did not, however, take his nomination as a victory
Emerging economies did not, however, take his nomination as a victory. The White House has chosen every World Bank president since it struck a gentlemen’s agreement with Europe, which gets to pick the’s boss, in 1944. America also holds an outsized share of votes at the bank. This made sense after the second world war. Now countries from China to Panama want their growing presence in the world economy reflected in its institutions.
Another fight is about debt relief, which China has brought to a standstill by insisting the World Bank takes write-downs on its loans. Mr Malpass has so far stood his ground, countering that this would impair the bank’s ability to lend. A more antagonistic China lowers the chances that American policymakers will consent to giving Beijing more votes any time soon.
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