The United States lost its power to appoint the World Bank president this weekend after a deal was made by the United Kingdom’s development secretary, Douglas Alexander, to open the position to candidates from any country.

 

Since the organization was founded after the Second World War, the US has had the right to choose the president of the World Bank. The new agreement is a means to ensure that the best and most-qualified candidate is selected to do the job, as this provides the opportunity for any individual to be nominated regardless of nationality.

 

This move will also succeed in minimizing the frustrations of developing nations that have grown concerned about the growing power held by wealthier nations.

 

It is estimated that the number of malnourished individuals in developing countries will climb to as many as 44 million this year. As a result, a proposal giving countries from Sub-Saharan Africa a third seat on the 25 seat governing board was backed in an effort to alleviate fears that many more impoverished countries will fall victim to the current global financial crisis. Robert Zoellick, the bank’s president, also urged stronger, more financially stable countries to remember their pledges to financially support other, less developed countries.

 

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