Zoellick to quit Bank, markets eye Hillary | world | Hindustan Times
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Zoellick to quit Bank, markets eye Hillary

US Secretary of State Hillary Clinton has no intention to head the World Bank after its current President Robert Zoellick resigns, Department of State spokeswoman Victoria Nuland said. The hot seat

world Updated: Feb 17, 2012 01:35 IST

World Bank president Robert Zoellick has announced to step down from at the end of his five-year-term in June, giving rise to speculation that the secretary of state, Hillary Clinton, may be headed to replace him, which was immediately denied by her aide.

In a statement on Wednesday, World Bank said that its president Robert B Zoellick has announced that he would step down at the end of a five-year term in which a transformed Bank played an historic role during the global economic crisis, using record replenishments to provide more than $247 billion to help developing countries boost growth and overcome poverty.

"The Bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership," said Zoellick.

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Zoellick said through June 30 he will stay 100% focused on being bank president and will continue to drive policy and programmes at a heightened tempo.

The US media reported that possible candidates include the secretary of state, Hillary Clinton, and Larry Summers, the former economic adviser to the US President.

"I really don't have any information for you on potential successors at the World Bank," said Jay Carney, press secretary, the White House.

"The secretary has addressed this issue many times since last year. She has said this is not happening. Her view has not changed," said Victoria Nuland, spokesperson, the state department.

World Bank President is formally appointed by it member nations, under a decade-old agreement, that allows major European powers to choose the head of the International Monetary Fund (IMF), gives the US the role of naming the World Bank chief.