Business Standard

As Ajay Banga becomes World Bank president, this is where he can start

The world needs international financial cooperation. Banga can draw lessons from how John Maynard Keynes and Harry Dexter White to provide intellectual leadership to the World Bank


T C A Srinivasa-Raghavan
The nomination of Ajay Banga, a distinguished Indian private sector manager, by US President Joe Biden for the post of World Bank president has created only a mild stir in India. In the past, it would have been a major event to be celebrated as an important achievement of the country itself. Now no one cares very much. 

Indeed, no one cares very much for the World Bank itself. Its decline as the most important source of dollar finance for projects in developing countries started nearly 30 years ago as private capital flows across borders slowly overtook official flows. 

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

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First Published: Feb 24 2023 | 8:21 AM IST

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