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Ajay Banga is about to become the head of the World Bank! The United States had the monopoly of the post office, why only Americans become president?



strong points

So far, all 13 presidents of the World Bank have been US citizens.
America faced no challenges for the post of president until 2011.
The United States holds the largest stake of 16.35% in the bank and more than 15% of the votes.

New Delhi. Indian-American leader Ajay Banga has been nominated by US President Joe Biden to become the new president of the World Bank. From now on, his election to this position will be only a formality. Because the office of president has traditionally been with America. There have been 13 World Bank presidents so far and all of them have been US citizens. The only exception was Bulgarian citizen Kristalina Georgieva. Kristalina served as Acting President of the World Bank in 2019. This relationship between America and the President of the World Bank is no coincidence.

According to the World Economic Report, America world Bank is the largest shareholder. The country holds the largest 16.35% stake in the bank and more than 15% of the votes. The United States is the only country that has the right to veto certain changes in the structure of the bank. A Wall Street Journal report describes US dominance over the World Bank, which “uses this position as a vehicle to advance US economic interests, power, and development priorities around the world.”

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America dominates from the start
Actually, America Until the year 2011, did not face any challenge for the post of president. After that, when the system was put in place, a major change was made to the World Bank system for a “transparent, merit-based process”. The birth of the World Bank provides another reason for American domination. The World Bank was created at the end of World War II, which devastated European economies but led to America’s rise as an economic superpower. America bought the most stocks. With this, America took control of 35.07% of the voting rights and invested heavily in the bank.

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In its early years, the World Bank focused on rebuilding Western Europe. America had largely escaped the drama of war and was able to play the role of its leader. On the other hand, according to an informal agreement, the Europeans have chosen to lead the International Monetary Fund (IMF). The IMF was also created with the World Bank. Although all the managing directors of the IMF have been European.

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This is how the president is elected
The World Bank has a weighted voting system. All member countries receive votes consisting of stock votes (one vote for each share of the bank’s capital stock held by the member country) and basic votes. According to the bank, “the basic vote will be the number of votes which, following an equal distribution among all members, will be equal to 5.55% of the total votes attributed to all members”. The President is elected by the Executive Board. It has 25 executive directors, of whom five are appointed and 20 are elected. Appointments are made on behalf of the Executive Directors or Governors through the Executive Director. The executive director later selects three names and officially interviews them.

Keywords: America, world Bank