An Unbelievable Truth: The World Bank approves US nominated Ajay Banga as President of World Bank

On 3 May 2023, in a staggeringly undemocratic process, with no contenders for the role, the World Bank board of governors elected former Mastercard chief executive officer, Ajay Banga, as World Bank President for a five year term. This was a result of the World Bank’s embarrassing adherence to its archaic and colonialist “Gentlemen’s Agreement” whereby the US nominates candidates to lead the World Bank, and Europe nominates the candidates to lead the IMF.

Banga’s experience in private finance, and in supporting the fossil fuel industry, suggests that he is not fit to lead global efforts to tackle poverty and climate change. 

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