World Bank, United States, The Wall Street Journal discussed on Washington Today

Automatic TRANSCRIPT

Welcome back. This is Washington today for Thursday, January twenty fourth I'm Steve Scully. Thanks for being with us. The Wall Street Journal is reporting that President Trump is considering appointing the first female, president of the World Bank. This follows the unexpected announcement earlier this month the president Jim Yong Kim will be stepping down the current. Interim president Kristalina Gorgon was in Davos, Switzerland for the World Economic Forum. She was asked about this story. What do you think of female leadership and gender equality when we mean step up we make better decisions and the world is a better place for all. So we mean. Stand-up become Bahir those comments from the interim president of the World Bank. And joining us on the phone is Josh zoom Brune, he is following the story for the Wall Street Journal. I who's on the shortlist who is the president considering for this position. Well, thanks so much for having me. There's a couple of the White House is kind of confirmed that they're that. They're looking seriously at a handful of candidates the list could still change. I'd I'd caution that you know, there's still a couple of weeks before they have to formally put a personnel, and it's very likely that do names could emerge. But right now the name that's kind of getting the most discussion is in renew. You used to be the CEO of Pepsi Cola. She's still the chairman of the board. There has really interesting veto, obviously experience running a big multinational corporation, she was born in India. So she seen as someone who can kind of represent maybe the developing world a little bit. And she'd be the first woman to have the job. So she didn't really intriguing candidate. The physician. Gordon, clear. This point. But the US does make this election. Correct. Well, here's what's interesting about it is the US historically made the selection and the rest of the world has gone along with it. But that's not written down anywhere. There's no guarantee that it'll happen that way and the US when we controls about sixteen percent about one sixth of the voting power at the World Bank. So theoretically, they could get outvoted. So there's a little bit of a diplomatic dance that has to happen here to convince the rest of the world to go along with the US candidate. And that's why it would be helpful. If the US went with with someone who's potentially a really strong candidate like in your new year. Why did Jim Yong Kim step down? Well, he he he'd been in the job for a little over six years, which is which is a pretty long time. It was it was one complete term, and then a few years and his second term, and he had the opportunity to go. You know, the reason they cited is he had the opportunity to go work for a fund it does infrastructure investments. And so it was kind of an opportunity to do similar work to the World Bank. But in a private sector capacity, and he was you know, apparently ready t t to make that jump. So he stepped down a few years earlier than he needed to. We're talking with Josh zoom Bruin. He is following the story for the Wall Street Journal. Let me ask you about the World Bank as an organization, essentially, what does it do? Well, the World Bank is a really interesting institution. It's it's owned by almost all of the countries in the world has kind of shares that they've purchased in the World Bank and the World Bank kind of takes that capital that it got from all the countries around the world hundred and eighty nine countries and makes development loans for the most. Part. So it provides financing for kind of poorer countries that went to build bridges airports or highways, or you know, it works on environmental projects that works on it does it's been doing a lot in recent years on kind of helping deal with countries where they have huge inflows of refugees coming from war torn, you know, refugees from Syria coming across the border into other countries in the Middle East, kind of helping countries cope with that flight of refugees. So does a lot of really interesting work all around all around the world on development projects. It's a really interesting and and pretty in pretty large institution. Without explanation. A reminder your work available at wsJcom. Thank you for being with us. Thanks so much for having me. A mixed day..

Coming up next