BRASILIA-Brazil wants emerging economic powers to rally around a single candidate to lead the World Bank as developing nations strive to bolster their influence at the global lender, Finance Minister Guido Mantega said on Thursday. Mantega met earlier on Thursday with the United States nominee for the top post, Jim Yong Kim, whom Mantega said showed vast experience in the developing world. He reiterated, however, that Brazil has not yet made up its mind.
Besides Brazil, the BRICS group includes China, Russia, India and South Africa. The group has called for "a merit based process" to pick the next head of the World Bank. A US citizen has headed the World Bank since it was created after World War II.
But developing nations are challenging that tradition and are seeking more influence in global institutions that reflect their growing economic strength. Developing nations have nominated Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo for the top job.
Brazil declined to immediately throw its support behind the Nigerian candidate during last week's BRICS summit, raising the prospect that Latin America's top economy may try to extract emerging-market friendly concessions from the US candidate in return for support.
In 2011, Brazil failed to convince other BRICS to jointly back a candidate to head the International Monetary Fund. Brazilians ended up backing current IMF chief Christine Lagarde in exchange for the continuation of reforms to increase the voice of emerging-market countries in the institution.
Emerging-market nations face an uphill battle to unseat the United States without the unified support to a single candidate, a senior Brazilian official involved in the talks told Reuters. South Africa is backing Okonjo-Iweala for the post. The other BRICS are still undecided, the Brazilian official said.
Excellent credentials
Mantega said Kim has an excellent resume and wants to continue with changes at the World Bank that increase the representation of emerging-market nations. Other Brazilian officials said Mantega was impressed with the credentials of Kim, an articulate physician who was largely unknown to Brazilian policymakers before his nomination in March.
Kim, president of Dartmouth College, is on a world tour to seek support for his candidacy.
