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George Bush names Robert Zoellick for World Bank presidency

30 May 2007 13:31 (UTC +04:00)

US George Bush has nominated Robert B. Zoellick, a senior executive at global investment bank Goldman Sachs and former deputy secretary of state, to replace ousted Paul Wolfowitz as the new World Bank president.
Senior diplomat and trade envoy Zoellick, 53, has great chance to succeed Paul, who is stepping down on June 30 after findings by a special bank panel that he broke bank rules when he arranged for a hefty compensation package in 2005 for his girlfriend, Riza, a communications officer at the bank.
Zoellick is be approved by the World Bankâ€™s 24-member board.
If approved by the bankâ€™s board of directors, Zoellick will be facing the daunting task of improving strained relations inside the bank while rebuilding credibility and trust outside the bank.
Although Zoellick has an impressive resume, opposition is expected from some members.
Traditionally the World Bank has been run by an American while the International Monetary Fund (IMF) is headed by someone from Europe. /APA-Economics/