Last month, U.S. Nominated former Mastercard CEO Ajay Banga to lead the world bank. Now, Russia is seeking an alternative to the U.S.-backed candidate. As per Russian state media, Moscow's officials at the world bank are in talks with colleagues from friendly countries in this regard. Roman Marshavin, executive director at the board of the world bank group representing Russia, says there are already over 15 names on the list. The president of the world bank is typically American, while the head of the IMF is customarily European. The development lender is accepting candidate nominations; and the process is set to run until 29th. A challenger would have little chance of succeeding, given that the U.S. & Europe can swing the votes in favour of a U.S. Nominee. However, a contest has symbolic significance. Many countries consider the election to be loaded in Washington's favour because of the non-transparent nature of the election process. The U.S. Is the world bank's largest shareholder.
#ajaybanga #latestnews #worldbank
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