World Bank President RobertZoellick.—File Photo

WASHINGTON: The World Bank will select a new president to succeed Robert Zoellick by April 20, the start of the World Bank and IMF’s spring meetings in Washington.

But even as huge development lender set out what it said would be “a merit-based and transparent process” to choose its 12th head from among candidates from around the world, it appeared all but certain to be filled by an American.

Zoellick announced on Wednesday he would step down at the end of his five-year term on June 30.

The World Bank said nominations will be accepted through March 23. Candidates can come from any of the Bank’s 187 member countries.

A shortlist of up to three candidates will be selected for interviews by the Bank’s executive directors, “with the expectation of selecting the new president by consensus by the Spring Meetings of 2012,” the bank said in a statement.

Zoellick’s departure sets up the second battle in less than a year over US and European dominance of the World Bank and the IMF, the world’s two leading multilateral financial institutions.

Under a tacit agreement between European powers and the US dating to 1945, all 11 Bank presidents have been Americans and all IMF managing directors have come from Europe.

But calls have mounted for a change to the arrangement.

After IMF chief Dominique Strauss-Kahn’s sudden resignation last May, strong pressure arose from emerging economies to name a non-European to lead the Fund.—AFP

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