World Bank President Zoellick to step down
Washington, 16 Feb – (ANA) - World Bank President Robert Zoellick said yesterday he will step down in June and Washington pledged to name a replacement candidate within weeks for a job that has always gone to an American.
The Obama administration said it would open the process to competition, marking the first time it has shown willingness to loosen its grip on the world's top development lender.
Zoellick took the reins at the Bank in 2007 after a staff revolt pushed out Paul Wolfowitz, and he moved quickly to return the institution's focus to alleviating poverty.
Developing countries have for years pressed for a greater voice in leading global financial institutions and are likely to stress the importance of a competitive process, but the United States is still widely expected to retain its hold on the job. (ANA)
FA/ANA/16 February 2012-----------