• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, August 26, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Russia Hints of Challenging US Nominee to Head World Bank

March 9, 2023
Stephen M.Cby Stephen M.C
in Around the Globe
0
Russia Hints of Challenging US Nominee to Head World Bank

Moscow’s top representative at the World bank disclosed that Russia is consulting with its allies about challenging the U.S. nominee to head the World Bank – a move that could complicate what was expected to be a smooth succession process.

Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March, citing what it called “hostilities against the people of Ukraine” following Russia’s invasion.

Roman Marshavin, the World Bank Executive Director who represents Russia and Syria, said the “listing of potential candidates and consultations are still ongoing,” but indicated that the decision would be made in Moscow.

RelatedPosts

UN Decries Deadly Israeli Strikes On Gaza Journalists

UN Agencies Warn Of Rising Workplace Heat Stress

Global Talks On Plastic Pollution Stall In Geneva

Meanwhile, Russia’s plans were first reported by Russia’s state-owned TASS news agency. It quoted Marshavin as saying he was in discussions with other countries about possible candidates including Russian financiers and foreign economists, former heads of international organizations, as well as several ex-ministers of finance and heads of central banks.

U.S. President Joe Biden last month nominated ex-Mastercard Chief Executive Officer Ajay Banga, 63, to replace David Malpass at the helm of the World Bank, which oversees billions of dollars in funding for developing countries.

Banga, who is traveling in Africa this week, last week said he had already won support from India, Ghana and Kenya. He also got positive reviews from France and Germany at last month’s meeting of Group of 20 finance officials, and on Tuesday won the endorsement of Bangladesh.

Challenges Posed By Climate Change

Speaking with reporters at the U.S. Treasury Department, Banga stressed the importance of addressing the “intertwined” challenges posed by climate change, stating that “you cannot have economic prosperity without caring about nature, pandemics, fragility, food availability – this is our new world.”

Mr. Banga underscored the need for the World Bank to continue to work on poverty reduction and inequality, adding that “the challenges are multiplied and are multipolar.”

US Nominates Former Mastercard Boss To Become the Next World Bank President
Ajay Banga, World Bank President Nominee

The World Bank has long been seen as a key player in global development, providing loans, grants, and technical assistance to developing countries. However, it has faced criticism for its approach to development, with some arguing that it has focused too much on economic growth at the expense of the environment and social welfare.

With Banga’s appointment, there is hope that the World Bank can strike a better balance between economic growth, social welfare, and environmental sustainability.

While the bank will accept nominations from other countries until March 29, Biden’s nomination all but assures that Banga will fill the role.

The World Bank has been headed by someone from the United States, the lender’s dominant shareholder, since its founding at the end of World War Two.

A challenge from Russia or an allied country is unlikely to change the outcome, given the shareholding structure, but it could expose simmering tensions between the U.S. and Western nations and China – the bank’s third largest shareholder over the Bank and other global financial institutions.

The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

READ ALSO: Ghana Enterprises Agency Launches ’PEPEYE’ Project to Enhance Compliance

Please login to join discussion
Previous Post

Akufo-Addo’s Claim Of Constructing Most Roads Untrue– Adongo

Next Post

South Korea, Japan To Hold Summit Next Week To Bolster Relations

[mc4wp_form id="1264"]

Related Posts

Rihanna’s Fenty Beauty Sponsors WNBA’s New York Liberty
Fashion

Rihanna’s Fenty Beauty Sponsors WNBA’s New York Liberty

August 26, 2025
Benjamin Quashie
General News

High Commissioner Eyes Return of South African Retail Giants, Ambassadors to Face KPIs

August 26, 2025
UK Borrowing Costs Hit 27-Year High
UK

UK Borrowing Costs Hit 27-Year High

August 26, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
USA

Trump’s Lawsuit Against Maryland Federal Court System Rejected

August 26, 2025
ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
Extractives/Energy

ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 

August 26, 2025
ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize
Agribusiness

ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize

August 26, 2025
Rihanna’s Fenty Beauty Sponsors WNBA’s New York Liberty
Fashion

Rihanna’s Fenty Beauty Sponsors WNBA’s New York Liberty

by Esther Korantemaa OffeiAugust 26, 2025
Benjamin Quashie
General News

High Commissioner Eyes Return of South African Retail Giants, Ambassadors to Face KPIs

by Silas Kafui AssemAugust 26, 2025
UK Borrowing Costs Hit 27-Year High
UK

UK Borrowing Costs Hit 27-Year High

by Lawrence AnkutseAugust 26, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
USA

Trump’s Lawsuit Against Maryland Federal Court System Rejected

by Comfort AmpomaaAugust 26, 2025
ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
Extractives/Energy

ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 

by Prince AgyapongAugust 26, 2025
ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize
Agribusiness

ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize

by Stephen M.CAugust 26, 2025
Rihanna’s Fenty Beauty Sponsors WNBA’s New York Liberty
Benjamin Quashie
UK Borrowing Costs Hit 27-Year High
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize
[/vc_row_inner]

Recent News

  • Rihanna’s Fenty Beauty Sponsors WNBA’s New York Liberty
  • High Commissioner Eyes Return of South African Retail Giants, Ambassadors to Face KPIs
  • UK Borrowing Costs Hit 27-Year High
  • Trump’s Lawsuit Against Maryland Federal Court System Rejected
  • ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.