[QODLink]
Americas
US economist eyes World Bank presidency
Jeffrey Sachs says global lender has made blunders of "huge proportions" as it is not led by development experts.
Last Modified: 09 Mar 2012 10:21
Sachs cited poor farmers in the developing world as some of the people the World Bank has let down [EPA]

Jeffrey Sachs, a professor of economics at Columbia University, has said he wants to be the next president of the World Bank as the current head of the global lender is near the end of his five-year term.

The US economist told Al Jazeera the global institution, which has the power to give money to developing and poor nations, had failed in the past.

"I think the World Bank has made many, many mistakes over the years it has been led by Wall Street, by bankers and politicians," said Sachs.

"It has not been led by development experts. This has caused it to make truly consequential blunders of huge proportions."

Sachs' comments come at a time when emerging economies - notably the so-called BRICS economies; Brazil, Russia, India, China and South Africa - have been clamouring for the next president to come from their own.

The current head of the World Bank, Robert Zoellick, is due to step down in June. The US and Europe have traditionally appointed heads of the World Bank and the IMF respectively.

Sachs, who is the author of several books on development including The End of Poverty, criticised the World Bank for neglecting poor farmers.

"In the 1980s the World Bank abandoned small farmers, peasant farmers who constitute so many of the poor," said Sachs, who is also the director of the Earth Insititute at Columbia Univerity, which works to combat climate change and poverty.

"It lead to terrible consequences for 20 years, delaying the onset of economic development in parts of Africa, for example.

"The bank completely blundered in its treatment of health policy in the 1990s even as the AIDS pandemic was raging. It didn’t know how to react."

Source:
Al Jazeera
Topics in this article
People
Country
Organisation
Featured on Al Jazeera
Muslim volunteers face questioning and threat of arrest, while aid has been disrupted or blocked, charities say.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
ISIL combatants seeking an 'exit strategy' from Mideast conflict need positive reinforcement back home, analysts say.
European nation hit by a wave of Islamophobia as many young fighters join ISIL in Syria and Iraq.
Featured
Lack of child protection laws means abandoned and orphaned kids rely heavily on the care of strangers.
At least 25 tax collectors have been killed since 2012 in Mogadishu, a city awash in weapons and abject poverty.
Since she was 16-years-old, Scottish Nationalist Party's Sturgeon has strove for independence from the UK.
Armed group's ransom success with German hostages marks a re-emergence, as authorities investigate ISIL links.
Western nations are moving into the resource-rich country after decades of disinterest, challenging China's interests.