In a message dated 9/27/99 1:56:04 PM Central Daylight Time, AOL News writes: << Subj: U.S. Backs World Bank Chief Date: 9/27/99 1:56:04 PM Central Daylight Time From: AOL News BCC: Ahab42 U.S. Backs World Bank Chief .c The Associated Press By HARRY DUNPHY WASHINGTON (AP) - The United States supports a second five-year term for James Wolfensohn to head the World Bank, U.S. officials said Monday. U.S. backing ensures the Australian-born American will be reappointed. The announcement is expected at Tuesday's opening session of the bank's annual meeting. There was speculation Monday that Michel Camdessus, Wolfensohn's counterpart at the bank's sister institution the International Monetary Fund, may step down after wrestling with international financial crises for a record 12 1/2 years. Treasury Secretary Lawrence Summers informed finance ministers of the other major industrialized countries Saturday of the U.S. decision to renominate Wolfensohn. According to the officials, Summers said, ``Jim Wolfensohn has done an extraordinary job of bringing energy and passion to the bank's critical development mission.'' Wolfensohn, 65, would be only the second of the nine presidents in the bank's 53-year history to serve a second term, which would start next May. The other was former U.S. defense secretary Robert McNamara, president from 1968 to 1981. Under practices adopted when the bank and its sister institution, the International Monetary Fund, were established after World War II, an American heads the World Bank, a European the IMF. Wolfensohn, a former Wall Street investment banker, took over at the bank in June 1995. Friends and colleagues say the Frenchman Camdessus, 66, already past the midpoint of a record-breaking third five-year term at the IMF, has been drained by dealing with a series of international financial crises while fending off IMF critics. His office says it refuses to comment on rumors. AP-NY-09-27-99 1455EDT Copyright 1999 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without prior written authority of The Associated Press. Announcement: America Online has added Reuters newswires to News Profiles. To add Reuters articles to your daily news delivery, go to KW: <A HREF="aol://5862:146">News Profiles</A> and click on "Modify Your News Profiles." Then click "Edit" and add Reuters from the list on the left. To edit your profile, go to keyword <A HREF="aol://1722:NewsProfiles">NewsProfiles</A>. For all of today's news, go to keyword <A HREF="aol://1722:News">News</A>. >>
U.S. Backs World Bank Chief .c The Associated Press By HARRY DUNPHY WASHINGTON (AP) - The United States supports a second five-year term for James Wolfensohn to head the World Bank, U.S. officials said Monday. U.S. backing ensures the Australian-born American will be reappointed. The announcement is expected at Tuesday's opening session of the bank's annual meeting. There was speculation Monday that Michel Camdessus, Wolfensohn's counterpart at the bank's sister institution the International Monetary Fund, may step down after wrestling with international financial crises for a record 12 1/2 years. Treasury Secretary Lawrence Summers informed finance ministers of the other major industrialized countries Saturday of the U.S. decision to renominate Wolfensohn. According to the officials, Summers said, ``Jim Wolfensohn has done an extraordinary job of bringing energy and passion to the bank's critical development mission.'' Wolfensohn, 65, would be only the second of the nine presidents in the bank's 53-year history to serve a second term, which would start next May. The other was former U.S. defense secretary Robert McNamara, president from 1968 to 1981. Under practices adopted when the bank and its sister institution, the International Monetary Fund, were established after World War II, an American heads the World Bank, a European the IMF. Wolfensohn, a former Wall Street investment banker, took over at the bank in June 1995. Friends and colleagues say the Frenchman Camdessus, 66, already past the midpoint of a record-breaking third five-year term at the IMF, has been drained by dealing with a series of international financial crises while fending off IMF critics. His office says it refuses to comment on rumors. AP-NY-09-27-99 1455EDT Copyright 1999 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without prior written authority of The Associated Press. Announcement: America Online has added Reuters newswires to News Profiles. To add Reuters articles to your daily news delivery, go to KW: <A HREF="aol://5862:146">News Profiles</A> and click on "Modify Your News Profiles." Then click "Edit" and add Reuters from the list on the left. To edit your profile, go to keyword <A HREF="aol://1722:NewsProfiles">NewsProfiles</A>. For all of today's news, go to keyword <A HREF="aol://1722:News">News</A>.
