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Now it’s clear! All the talks about Tony Blair being the next World Bank chief were not quite right! The US President, George W. Bush, has nominated Robert Zoellick – former US Deputy Secretary of State – as the next World Bank head. Zoellick will succeed Paul Wolfowitz, who is going to step down at the end of the June. Wolfowitz was mired in a scandal suit after it came to light that he had given a hefty raise to his girlfriend, Shaha Riza – who worked for the World Bank too – in 2005 (soon after he had taken over as the World Bank chief). The findings by a special bank panel stated that he had acted unethically and had broken the bank rules by acting in the way he did. After the findings were revealed, Wolfowitz had to step down. The newly nominated World Bank chief – Zoellick has served in various positions at the Department of the Treasury from 1985 to 1988. In August 1992, he was appointed as the White House Deputy Chief of Staff and Assistant to the US President. He was also appointed as Bush’s personal representative for the G7 Economic Summits in 1991 and 1992. In the 2000 US presidential election campaign, Zoellick had served as a foreign policy advisor to George W. Bush, as part of a group led by Condoleezza Rice, that called itself The Vulcans. He was named US Trade Representative at the beginning of the younger Bush’s first term and on January 7, 2005, Bush nominated him Deputy Secretary of State. Welcome aboard the Bank, Mr. Zoellick!
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Source : IIPM Editorial, 2008
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