Brazil backs Nigerian for World Bank presidency

Alonso Soto – Reuters, 04/16/2012

Brazil backed Nigeria’s Ngozi Okonjo-Iweala to be the new head of the World Bank and demanded quicker reforms at the IMF to bolster developing nations’ voice at global organizations, Brazilian Finance Minister Guido Mantega said on Monday.

Okonjo-Iweala, Nigeria’s finance minister, is the sole candidate from developing nations in a race against U.S. nominee Jim Yong Kim, a Korean-American health expert who appears almost certain to secure the post.

Mantega said Okonjo-Iweala had more experience and was better prepared to lead the bank at a time when emerging-market nations seek to increase their clout in the global financial architecture.


Brazil says BRICS to make joint World Bank decision

Reuters, 04/13/2012

Brazilian Finance Minister Guido Mantega said the BRICS group of emerging market countries is likely to make a joint decision on who to support for the World Bank presidency as soon as Friday.

Mantega said the five countries were still discussing which candidate they would support. The BRICS group also includes Russia, India, China and South Africa.

The candidates include former Colombian finance minister Jose Antonio Ocampo, who visited Brazil on Thursday, as well as Nigerian Finance Minister Ngozi Okonjo-Iweala and U.S. nominee Jim Yong Kim, a Korean-American health expert.

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Brics nations threaten IMF funding

James Fontanella-Khan – FT, 03/29/2012

Leaders of the world’s most powerful emerging economies have threatened to withhold additional financing requested by the International Monetary Fund to fight the European sovereign debt crisis unless they gain greater voting power at the Fund.

Meeting in India on Thursday, the heads of state from Brazil, Russia, India, China and South Africa expressed frustration at the slow pace of reform at the Washington-based multilateral lender, historically dominated by Europe and the US.

In a joint statement, the so-called Brics nations said there was an urgent need to “better reflect economic weights” and “enhance the voice and representation of emerging market and developing countries” at the IMF.

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Brazil: Okonjo-Iweala, Ocampo great World Bank candidates

Alonso Soto – Reuters, 03/21/2012

Brazil sees Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo as “great” candidates to head the World Bank, signaling increased coordination among developing nations to challenge the United States for the bank’s top seat.

The BRICS nations and other developing countries are in “close contact” about the nominations to lead the World Bank, Brazil’s Finance Ministry Secretary of Foreign Affairs Carlos Cozendey told Reuters.

“We continue to believe that the president (of the bank) should be chosen based on merit, and it is very positive to have an open competition process in which the candidates compete with their own views about the bank,” Cozendey wrote in an e-mail response to questions.

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