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Who has been confirmed as the next president of the World Bank from 2nd June 2023?
A)
Laxman Narasimhan
B)
Ajay Banga
C)
Arvind Krishna
D)
Shantanu Narayen

Correct Answer :   Ajay Banga


The World Bank's 25-member executive board on Wednesday (3rd May 2023) elected former Mastercard CEO "Ajay Banga" to a five-year term as president, effective 2nd June 2023, ushering in an Indian-born finance and development expert charged with revamping the lender to tackle climate change and other global crises.

Banga, 63, was nominated for the post by US President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.

The election came after World Bank board members interviewed Banga for four hours on Monday (1st May 2023). Malpass's last day at the bank will be June 1. The decision came in a vote by 24 of the board's members, with Russia abstaining, instead of the usual consensus-based process, a source familiar with the process said.

One of the sources called Banga a "true change maker" who will help accelerate reforms at the global development bank. It already loans out hundreds of billions of dollars to developing countries but is working to increase its lending to help them address global challenges such as climate change.

The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries..

Source : India Today

Published On : May 4, 2023
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