IMF MD Georgieva praises Ajay Banga's commitment to opportunities for all

IMF Managing Director Kristalina Georgieva on Thursday applauded Indian-American Ajay Banga, who is slated to be the president of the World Bank, for his commitment to inclusion and opportunities for all.

In February, Banga was nominated by US President Joe Biden after World Bank President David Malpass announced his decision to leave.

The World Bank Board of Directors are likely to announce 63-year-old Banga as the next head of the institution soon.

I have known Ajay for quite some time. I think very highly of his leadership skills, but above all of the commitment to inclusion and opportunities he has demonstrated throughout his life, International Monetary Fund Managing Director Georgieva told reporters at a news conference held on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.

Banga is the only candidate nominated for the World Bank presidency, which has traditionally gone to the United States.

We have been talking together on many occasions, talking about inclusion, and gender, and I would always hear substantively not only somebody who is clearly very smart but also a beating heart. And this is what the leadership of the World Bank is all about vision, but also, compassion, Georgieva said in response to a question.

US Treasury Secretary Janet Yellen told members of the World Bank that she is looking forward to Ajay Banga's leadership as the next President of the World Bank. I am confident he has the right experience and track record of bringing together governments, the private sector, and nonprofits to deliver on our ambitions, she said.

The former Mastercard Inc. chief, Banga, serves as Vice Chairman at General Atlantic.

If confirmed, Banga would become the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.