Monday, December 18, 2017

US has lost financial dominance in World Bank as new President is selected

US financial muscle in the World Bank has shrunk and it is no longer the largest donor in the Bank’s most important tool for channelling money to poor countries, the soft loan arm, IDA. The United Kingdom has bypassed the United States, which is also lagging behind with its payments.

Still, US President George W. Bush clings to the United States' outdated prerogative to nominate an American for the position as President of the World Bank after Paul Wolfowitz was forced to step down last week.

In per capita terms, Sweden is without comparison the most generous IDA donor ranking No. 6 overall.

Paul Wolfowitz

World Bank President Paul Wolfowitz.
© Simone D. McCourtie

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