BRICS seek merit-based selection process for World Bank chief

New Delhi, Mar 29 (PTI) Leaders of the five nation BRICS grouping today welcomed the candidatures from emerging economies for the World Bank chief's post and emphasised on the need for a merit-based selection process. Nigerian Finance Minister Ngozi Okonjo-Iweala, Colombian national and Professor at Columbia University in New York Jose Antonio Ocampo and US nominee Jim Young Kim are in the fray to become the next World Bank chief. "We welcome the candidatures from developing world for the position of the President of the World Bank. We reiterate that the Heads of IMF and World Bank be selected through an open and merit-based process," according to the joint declaration issued after the New Delhi BRICS Summit today. The post of World Bank chief will fall vacant after incumbent Robert Zoellick steps down in June. "The nature of the Bank must shift from an institution that essentially mediates North-South cooperation to an institution that promotes equal partnership with all countries as a way to deal with development issues and to overcome an outdated donor-recipient dichotomy," the declaration said. BRICS -- Brazil, Russia, India, China and South Africa -- have been advocating open and merit-based process in selecting the World Bank head, a post traditionally held by an American. On the other hand, the head of the International Monetary Fund (IMF) has always been a European. BRICS said the new World Bank leadership must commit to transform the Bank into a multilateral institution that truly reflects the vision of all its members, including governance structure that reflects current economic and political reality. PTI