The Bretton Woods Project would like to sincerely thank the Honorable James M. Flaherty, Canada’s finance minister, for his kind end June response to a letter we sent him about leadership selection at the IFIs. No, it was not a response about the spring 2012 process for selecting a new head of the World Bank, but a May 2011 letter about the IMF managing director selection process (see Update 76). We are expecting another letter in March 2013 about the World Bank. Based on the urgency with which Flaherty responded to our concerns, we can rest assured that his commitment to “continue to work with the IMF on strengthening the process to ensure that all countries have equal opportunity to occupy the highest positions of the institution” will produce tangible results in about 2043. We look forward to it!
In prioritising capital market expansion, the needs of the lowest income groups are not being effectively addressed through World Bank interventions.
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