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Russia In Search Of An Alternative For The US-backed World Bank Candidate

After David Malpas announced his decision to step down as president of the World Bank, Russia is seeking alternative to US-backed candidate for World Bank head.

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| Written By
Megha Rawat

Russia seeking alternative to US-backed candidate for World Bank head (Image: Twitter/@WorldBank)

Roman Marshavin, the Executive Director at the Board of the World Bank Group who represents Russia, told a Russian news agency on Friday, March 3 that the Russian directorate at the World Bank is holding discussions with colleagues from friendly nations about nominating their own candidate to the position of head of the organisation.

According to Roman Marshavin, "The group is discussing the nomination of a candidate who would be an alternative to Ajay Banga, nominated earlier by the United States." Although Marshavin did not specifically name any potential candidates, he noted that the long list already has more than 15 names and that the candidate pool is still expanding.

He explained that among the potential candidates are both prominent Russian financiers and well-known foreign economists, including numerous former ministers of finance and governors of central banks from friendly nations to Russia as well as former heads of international organisations.

"Consultations with our partners will continue over the weekend and, most likely, next week we will send specific proposals to Moscow," the Russian Executive Director added.

Marshavin noted that the Russian directorate at the World Bank has been inundated with requests from both the organization's workers and NGOs from other nations, including the United States, ever since current World Bank President David Malpas announced his early retirement. "All have expressed displeasure with Washington's monopoly on the selection of the World Bank's president since the organization's founding, which they believe has disrupted the bank's reputation in the public's lens," according to Marshavin.

Notably, Malpas was appointed as World Bank head by the previous US administration led by Republican Donald Trump. In recent months, the outgoing head of the World Bank has come under constant pressure from the Democratic Party which is currently in power for his insufficiently progressive views on and lack of commitment to slowing climate change, reports suggest. 

David Malpas on February 15 announced his decision to resign by June 30. On February 23, US President Joe Biden nominated former Mastercard CEO Ajay Banga for the presidency of the World Bank. Malpass, an economist who earlier served as US under secretary of the Treasury for international affairs, said in a statement that he had decided to pursue new challenges.

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