WORLD BANK PRESIDENCY: Brazil, Russia, China, others fault voting •As Reps endorse Okonjo-Iweala for the job

LEADERS of Russia, Brazil, China, India and South Africa meeting under BRICS, have called for the review of the weighted voting system that gave Europe, the United States of America and Japan 54 per cent of the votes in the selection of the World Bank president.
This is coming as an international non-governmental organisation, Youth Aid Organisation for Africa (VAOFA), has decried the dominance of the United States and Europe in both the International Monetary Fund and World Bank, canvassing that Africa should be allowed to lead the World Bank.
In apparent realisation of the advantageous position of both Europe and the United States in the selection process, the meeting in New Delhi, India, did not adopt a common candidate but instead demanded that the heads of the IMF and World Bank be chosen through an open, merit-based process.
The bank’s board of directors normally chooses through a system of weighted voting in which the United States has 16 per cent, the European Union states altogether 29 per cent, and Japan nine per cent, making a total of 54 per cent.
Experts had posited that since the United States supported Christine Lagarde of France for the IMF top spot, the Europeans are highly likely to favour Jim Yong Kim alongside the Japanese to give the American nominee 54 per cent of the vote.
Aside the issue of voting strength, the meeting also dropped the idea of a common candidate, because Brazil nominated the Colombian candidate, Jose Antonio Ocampo, while South Africa is sponsoring Nigeria’s Ngozi Okonjo-Iweala.
In a statement issued by the leaders, called New Delhi declaration, the BRICS leaders vowed to push ahead with plans to form an alternative development bank, describing the existing international financial system as harmful to the interest of emerging and developing economies.
The demand from Brazil, Russia, India, China and South Africa for changes to the quotas that represent member countries’ voting weight in the World Bank and IMF is part of a push for broader reform of the global financial system to reflect emerging nations’ growing economic importance.
While discussions to adjust the weightings are expected to take place in 2014, the United States, the top donor to the multilateral agencies has yet to say where it stands on proposals to give developing economies greater voting rights.
“The World Bank’s next leader must commit to transforming the organisation into “a multilateral institution that truly reflects the vision of all its members, including the governance structure that reflects current economic and political reality,” the statement said.
The group also proposed the establishment of a development bank to help mobilise resources to fund infrastructure development in emerging economies, adding that “we recognise that there is a pressing need for enhancing the flow of development finance to developing countries,” it said.
The Country Director of YAOFA, Mr Peter Babayemi, while addressing the pre-conference on “Futures and African participation in sustainable development agenda of world economics,” affirmed that Dr Yong Kim was less qualified for the position when compared with the experience and qualification of Dr Okonjo-Iweala.
“We urge the World Bank Board of Directors to endorse Dr Okonjo-Iweala as a consensus candidate for the bank‘s presidency when the incumbent steps down,” the group appealed.
In another development, the House of Representatives, on Thursday, passed a resoultion supporting the candidature of the present coordinating Minister of Economy and Minister of Finance, Dr Okonjo-Iweala for the World Bank top job.
To this end, the House commended President Jonathan, the African Union and other African countries for supporting her candidature.
The House’s resolution was sequel to a motion of urgent public importance moved by Honourable Austin Ugbaburo, who called on the House to support the candidature of Dr Okonjo-Iweala.
According to him, “our Minister of Finance, Dr (Mrs) Ngozi Okonjo-Iweala, as we are all aware, is vying for the
position of president of the World Bank. This is the first time that a Nigerian will be vying for this position and it is pertinent for us as a House to endorse her candidature, so that the whole world will know that she has our support because she is eminently qualified to hold the position.”
On his part, Honourable Ogbuefi Ozomgbachi who was asked by the Deputy Speaker, Honourable Emeka Ihedioha, who presided over the plenary session to add his voice, said that he had started collecting signatures of members to support the minister for the World Bank top job.
He added that: “Dr (Mrs) Ngozi Okonjo-Iweala is the best candidate for the World Bank top position,” stressing that she had the requisite experience for the job.
According to him, “this is the first time Africa as a whole will be supporting the candidature of fellow African for the top position like this and we should toe the same line.”
He then implored the House to commission its committees on Inter-Parliamentary and Foreign Affairs to rally support for her.
The House Leader, Honourable Mulikat Akande-Adeola, Honourable Farouk Lawan and Honourable Suleiman Kawu also commended her expertise in the financial sector and her world-class credentials which they said stood her out.