US to name Zoellick as WBank chief
Thursday, May 31, 2007
US PRESIDENT George W Bush is set to name administration pointman Robert Zoellick to head the World Bank, replacing Paul Wolfowitz, who quit over a favouritism scandal involving his bank employee girlfriend.
The naming of the steady, stalwart Zoellick was meant to end weeks of upheaval in the 63-year old global financial institution, which was rocked to its core by the scandal over Wolfowitz's role in crafting the compensation package for his girlfriend, Shaha Riza.
Wolfowitz has headed the bank since 2005 and agreed to step down on May 17. He will leave his post on June 30, after a six-week scandal over the incident. Zoellick, who left government last year to join the Wall Street investment firm Goldman Sachs, was also among senior US officials who urged military action to oust Saddam Hussein, but is seen as less controversial, in part because of his sterling credentials.
"Bob Zoellick's experience and long career in international trade, finance and diplomacy make him uniquely prepared to take on this challenge," said a senior administration official, on condition of anonymity.
"He has the trust and respect of many officials around the world and believes deeply in the World Bank's mission of tackling poverty."
The official added: "We've received positive reaction and we think sufficient for him to become the World Bank president," the official said. "We are very confident on that."
In the wake of the announcement that Bush had settled upon Zoellick, the executive directors of the bank, issued a statement citing the "essential" qualities for the organization's next president, including "a proven track record of leadership" and "political objectivity and independence".
Zoellick, 53, left the State Department's number-two post in June 2006 to join Goldman Sachs after making his mark on world international trade and sensitive relations with China.
He became Secretary of State Condoleezza Rice's deputy in February 2005, after serving four years as the US Trade Representative (USTR).
As deputy secretary of state, one of his primary concerns was the humanitarian crisis in Sudan, where Zoellick travelled numerous times to nail down a peace accord between the government of Sudan and the main rebel group, the Sudan Liberation Army.
Before moving to the State Department, Zoellick played a key role in talks that brought China and Taiwan into the World Trade Organisation, and helped forge free-trade agreements with Singapore, Chile, Australia and Morocco.
He also was a driving force behind trade negotiations with five nations of Central America and the Dominican Republic, as well as Bahrain, Jordan, Vietnam and numerous other countries.
He also launched trade talks with the Southern African Customs Union, Panama, the Andean countries and Thailand.
US Treasury Secretary Henry Paulson consulted with other countries in the search.
The nomination now must be approved by the World Bank's 24-member board of governors.
Despite pressure from Brazil and other developing countries to open the candidacy to any nationality, Bush has insisted the next president would be American. AFP
The naming of the steady, stalwart Zoellick was meant to end weeks of upheaval in the 63-year old global financial institution, which was rocked to its core by the scandal over Wolfowitz's role in crafting the compensation package for his girlfriend, Shaha Riza.
Wolfowitz has headed the bank since 2005 and agreed to step down on May 17. He will leave his post on June 30, after a six-week scandal over the incident. Zoellick, who left government last year to join the Wall Street investment firm Goldman Sachs, was also among senior US officials who urged military action to oust Saddam Hussein, but is seen as less controversial, in part because of his sterling credentials.
"Bob Zoellick's experience and long career in international trade, finance and diplomacy make him uniquely prepared to take on this challenge," said a senior administration official, on condition of anonymity.
"He has the trust and respect of many officials around the world and believes deeply in the World Bank's mission of tackling poverty."
The official added: "We've received positive reaction and we think sufficient for him to become the World Bank president," the official said. "We are very confident on that."
In the wake of the announcement that Bush had settled upon Zoellick, the executive directors of the bank, issued a statement citing the "essential" qualities for the organization's next president, including "a proven track record of leadership" and "political objectivity and independence".
Zoellick, 53, left the State Department's number-two post in June 2006 to join Goldman Sachs after making his mark on world international trade and sensitive relations with China.
He became Secretary of State Condoleezza Rice's deputy in February 2005, after serving four years as the US Trade Representative (USTR).
As deputy secretary of state, one of his primary concerns was the humanitarian crisis in Sudan, where Zoellick travelled numerous times to nail down a peace accord between the government of Sudan and the main rebel group, the Sudan Liberation Army.
Before moving to the State Department, Zoellick played a key role in talks that brought China and Taiwan into the World Trade Organisation, and helped forge free-trade agreements with Singapore, Chile, Australia and Morocco.
He also was a driving force behind trade negotiations with five nations of Central America and the Dominican Republic, as well as Bahrain, Jordan, Vietnam and numerous other countries.
He also launched trade talks with the Southern African Customs Union, Panama, the Andean countries and Thailand.
US Treasury Secretary Henry Paulson consulted with other countries in the search.
The nomination now must be approved by the World Bank's 24-member board of governors.
Despite pressure from Brazil and other developing countries to open the candidacy to any nationality, Bush has insisted the next president would be American. AFP
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