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A top Executive at the World Bank, Kristalina Georgieva of Bulgaria, now faces no opposition in her candidacy to lead the International Monetary Fund, the fund announced Monday.

Kristalina has a clear path to lead the International Monetary Fund

Georgieva, currently the bank’s Chief Executive Officer, is all but guaranteed to become the second woman ever to lead the fund.

Georgieva will replace former IMF chief Christine Lagarde, who has been named to lead the European Central Bank.

“The board’s goal is to complete the selection process as soon as possible and at the latest by October 4, 2019,” the IMF board said in a statement.

Under an unwritten rule, a European has always led the IMF since its creation in the aftermath of World War II while Washington has designated the leadership of the fund’s sister organization, the World Bank.

The nominating period closed on Friday, a day after the fund formally lifted the age limit of 65 years for its leadership, clearing the way for the 66-year-old to take up the position.

No other candidates came forward.

The IMF executive board will now hold meetings with Georgieva, the statement said.

She said last month she was “honored” to be nominated to lead the IMF and was taking leave from her work at the World Bank.

The IMF, a global crisis lender, has been buffeted over the last year by the rise of populism in advanced economies and escalating trade conflicts running counter to the fund’s mission of promoting international commerce.

 

 

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The world is moving at a fast pace but it seems women are being left behind.

In a recent report by the World Bank Group, only six countries in the world give women equal rights with men. Although a significant progress from 10 years ago when no country gave equal rights, the pace at which countries are coming to terms with legal and economic equality is underwhelming.

All situated in Europe, France, Sweden, Luxembourg, Latvia, Denmark and Belgium have all set a precedence for the rest of the world.

According to the Women, Business and the Law 2019 report, countries in the Middle East and Sub-Saharan Africa averaged a score of 47.37, meaning the typical nation in these regions gives women under half the legal rights of men in the areas measured by the group.

The study aimed at developing a better understanding of how women’s employment and entrepreneurship are affected by legal discrimination, highlighting how women must navigate discriminatory laws and regulations at every point in their careers, limiting their equality of opportunity.

Overall, the global average came in at 74.71, an increase of more than four and a half points compared to a decade ago. But the score indicates that in the average nation, women receive just three-quarters of the legal rights that men do.

Only the six aforementioned countries scored 100%.

World Bank Group Interim President, Kristalina Georgieva said:

If women have equal opportunities to reach their full potential, the world would not only be fairer, it would be more prosperous as well.

Change is happening, but not fast enough, and 2.7 billion women are still legally barred from having the same choice of jobs as men.

Photo Credit: Mohini Ufeli/Andela

Women around the world are granted only three quarters of the legal rights enjoyed by men, often preventing them from getting jobs or opening businesses, the World Bank found in study published Wednesday.

South Asia made the biggest improvements in women’s rights in the past decade, while six countries including France and Sweden achieve perfect scores in the World Bank’s index

“If women have equal opportunities to reach their full potential, the world would not only be fairer, it would be more prosperous as well,” Kristalina Georgieva, the bank’s interim president, said in a statement.

While reforms in many countries are a step in the right direction, “2.7 billion women are still legally barred from having the same choice of jobs as men.”

The study included an index measuring gender disparities that was derived from data collected over a decade from 187 countries and using eight indicators to evaluate the balance of rights afforded to men and women.

The report showed progress over the past 10 years, with the index rising to 75 from 70, out of a possible 100, as 131 countries have agreed to enact 274 reforms, adopting laws or regulations allowing greater inclusion of women.

Among the improvements, 35 countries have proposed laws against sexual harassment in the workplace, granting protections to an additional 2 billion women, while 22 nations have abolished restrictions that kept women out of certain industrial sectors.

Six nations — Belgium, Denmark, France, Latvia and Sweden — scored a 100, “meaning they give women and men equal legal rights in the measured areas,” the World Bank said.

A decade ago, no economy had achieved a perfect score.

On the other hand, too many women still face discriminatory laws or regulations at every stage of their professional lives: 56 nations made no improvement over the last decade.

South Asia saw the greatest progress, although it still achieved a relatively low score of 58.36. It was followed by Southeast Asia and the Pacific, at 70.73 and 64.80, respectively.

Latin-America and the Caribbean recorded the second highest scores among emerging and developing economies at 79.09.

Conversely, the Middle-East and North Africa posted the lowest score for gender equality at 47.37. The World Bank nevertheless pointed to encouraging changes, such as the introduction of laws against domestic violence, in particular in Algeria and Lebanon.

 

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President Donald Trump’s daughter and Advisor Ivanka will help the United States choose its candidate to lead the World Bank but she will not be the one, the White House said on Monday, January 14, 2019.

Jim Yong Kim abruptly announced last week that he would cut short his tenure as President of the Washington-based global development lender more than three years before his second term was to end.

Treasury Secretary Steven Mnuchin and White House Chief of Staff Mick Mulvaney “have asked Ivanka Trump to help manage the US nomination process as she’s worked closely with the World Bank’s leadership for the past two years,” said Jessica Ditto, the White House Deputy Director of Communications.

However, Ditto said reports that Ivanka Trump “is under consideration are false.”

London’s The Financial Times reported on Friday that both Ivanka Trump and Washington’s former United Nations ambassador Nikki Haley were among possible US candidates to replace Kim.

Other names being floated include Treasury Undersecretary for International Affairs David Malpass and Mark Green, head of the US Agency for International Development, the newspaper reported.

Through an unwritten post-war agreement with Europe, the World Bank has always been led by an American while a European has always been in charge of the IMF.

Developing nations also have been increasing the pressure on the institutions to name a leader from an emerging market country.

Ivanka Trump in 2017 was the driving force behind a $1 billion, Saudi-supported World Bank fund to promote entrepreneurship by women.

The World Bank Board said on Thursday it would start accepting nominations for a new leader early next month and name a replacement for Kim by mid-April.

 

Credit: Pulse News