A World Bank that a Multipolar World Demands

The new World Bank president has been chosen. It is the Korean-American physician and president of Dartmouth College, Jim Yong Kim.

Mired in fiscal difficulties, Japan, the U.S. and Europe are limiting their support to developing countries. In the midst of this, the role of the World Bank becomes increasingly important. There is demand for a wide variety of countermeasures against poverty, infectious diseases, climate change and infrastructural development, in addition to increased aid that matches the needs of developing countries.

It will also be necessary to use emerging countries’ funding and ideas toward international aid. The issue at hand for the incoming president will be to reshape the World Bank to match global changes. Mr. Kim’s statement, “We will foster an institution that responds effectively to the needs of its diverse clients and donors,” is quite right.

Historically, presidents of the World Bank have all been Americans. Emerging and developing states have expressed their dissatisfaction with this post-war tradition. The reason that President Obama nominated the South Korean-born Kim is an effort to dodge these criticisms.

Unsatisfied, the finance minister of Nigeria and the former finance minister of Colombia had also entered the race. This is the first time that there were multiple nominees. However, Mr. Kim still received wide approval.

Mr. Kim has experience leading the World Health Organization’s works related to AIDS. His lack of diplomatic ability or knowledge of macroeconomics may be worrisome, but we look forward to his expertise on health and medicine being fully applied to the World Bank.

Personnel and institutional reform for the World Bank is also crucial in an increasingly multipolar world. One cannot discredit the choice of an Asian-American for the presidency, but the tradition of an American at the helm still persists. It is time for the organization to be more transparent and merit-based with its hiring procedures. They cannot simply remain unchanged.

Mr. Kim said, “I will seek a new alignment of the World Bank Group with a rapidly changing world.” Through the capital contribution ratio revisions, Mr. Kim must continue to be a force that encourages the outspokenness of emerging and developing countries.

Japan is second to the United States as the largest contributor to the World Bank. Japan has an obligation to support Mr. Kim’s reforms to the World Bank.