When British economist John Maynard Keynes welcomed delegates to the Bretton Woods conference that founded the International Monetary Fund and World Bank in 1944, he told them they needed the qualities of an economist, financier, politician, journalist, propagandist, lawyer, statesman, prophet, and soothsayer.
Ajay Banga will need all those qualities as he takes the bridge as the next president of the World Bank — plus one thing more: he must be fundraiser-in-chief. Indeed, the World Bank now needs more than new management. It needs new money.
Following David Malpass’ decision to step down as president of the World Bank, the U.S. nomination of Ajay Banga was swift. He will step in to lead not just the bank — but the biggest potential shake-up of development finance since Bretton Woods.
About the author
Rt Hon Liam Byrne MP
Liam Byrne MP chairs the House of Commons Business & Trade Committee and the Parliamentary Network on the World Bank and IMF. He served in Gordon Brown’s cabinet. An honorary professor at the University of Birmingham, his latest book is “The Inequality Of Wealth: Why It Matters And How To Fix It,” published in 2024.
