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Wednesday April 13, 06:43
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Wolfensohn warns World Bank against falling under US influence
(by Helen Snow)
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James Wolfensohn, who finishes his duties as president of the World Bank, calls on his successor, Paul Wolfowitz, to defend the interests of the institution before the Bush administration.
Particularly, Wolfowitz will have to decide whether to support programs that go against U.S. policy, such as go on providing loans to Iran.
The World Bank has 184 countries-shareholders, each possessing a voting stake of weighted scale. The U.S. holds a 17 % share, the largest voting stake. As traditionally arranged, the U.S. chooses the nominee for World Bank and EU offers the head of the International Monetary Fund.
``If I’m appointed as president, I am responsible for the entire membership,’’ Wolfowitz said declaring his impartial approach. ``The U.S. views are important views, but one of several.’’
Wolfensohn believes that the reason of his replacement for the Bush administration is to``put in one of their own people’’.
He stated that the bank failed to get growing momentum and to provide strict and prompt action towards important issues such as spread of AIDS.
Wolfensohn said the U.S. should provide more money for developing countries. ``We must build up to $50 billion a year over the next three years, in cash that flows to developing countries -- not in debt relief, not in services by consultants, not in special purpose grants,’’ he said.
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