Money Matters - Simplified

Japan back US candidate for heading World Bank

Japan has supported United States candidate Jim Yong Kim, a Korean-American, as a next head of World Bank.

Japan has supported United States' candidate Jim Yong Kim, a Korean-American, as the next head of World Bank, Jim is competing against the Nigerian and Colombian candidate in the election.

Jim Yong Kim who was on the "listening tour" in Japan, which apparently is United States' close ally, to seek support for his candidature in the election was successful in winning Japanese finance minister Jun Azumi's support.

Jun Azumi after the meeting expressed that Jim is a competitive individual and is best suited for the job to head World Bank.

Jun Azumi said, “We decided he is an extremely suitable candidate for the World Bank presidency and we will support him. He is a highly competent individual who spearheaded efforts and contributed to AIDS issues. We judge he’s an appropriate candidate for the World Bank and support his bid.”

Competition For The Helm Of World Bank

Nigerian finance minister Ngozi Okonjo-lweala and Former Colombia finance minister Jose Antonio Ocampo are also competing to preside the apex financial institution of the world. The two competitors are looking to challenge US supremacy in the World Bank.

In an interview Jose Antonio said that he and Ngozi have a good chance of winning if the selection is based on merit.

Jose said, “Maybe it will not change this time. But in that case we’re putting up the fight so that the system will be changed forever.”

World Bank has always been headed by an American since its inception and developing countries are demanding change in that practice. If any of the above two manages to win the election it will be history, and even if Jim Yong Kim wins the election he will be the first Asian-American person to have this post.

Kim Lobbies To Garner Support

Jim Yong Kim met Japanese finance minister Jun Azumi in Tokyo after his arrival from Beijing, which hasn't officially backed any candidate till now.

After Tokyo Kim would be visiting Seoul, New Delhi, Brasilia and Mexico City. He would be touring the world between 27 March and 9 April to meet heads of state, finance ministers and others to convey his priorities for the World Bank.