Robert Zoellick has already stated that he will not seek a reelection as WB president, with this setting Dr, Jeffrey Sachs proposed himself as a candidate with various convincing arguments through some articles in
........ Developed countries have a majority of voting shares in the World Bank and the IMF, and so control the leadership of these institutions. We are now close to the turning point where developing countries will represent half of real global output. They already drive global growth. More important, the developing countries represent 6bn of the 7bn world population.
The developed countries have declared the importance of an “open, transparent and merit-based process” many times. They have recognised the importance of trust, credibility and collaboration in overcoming global challenges, particularly that of poverty. Yet when the moment comes for decision, they cannot resist the temptation to perpetuate the monopoly. This is not only hypocritical, it also destroys the trust and spirit of collaboration needed to manage the profound problems facing the world.
Developed countries’ control of the selection process also discourages developing countries from putting forward a candidate who might have broad support among them. As a result, there is a risk that the choices offered the Executive Board will, in practice, be very limited.............
The writers are former chief economists and senior vice-presidents of the World Bank