Treasury disqualifies Brazil’s victory over Mexico for the IDB presidency: “It’s more of the same”

After the Inter-American Development Bank (IDB) chose the Brazilian Ilan Goldfajn As its new president, the Treasury Department disqualified the decision and assured that it is “more of the same.”

“We regret that in the IDB elections the policy of more of the same continues. The proposal of the Brazilian government was chosen, supported by that of the United States,” the agency reported through an informative note.

Ilan Goldfajn is the new president of the IDB

The new head of the IDB assured that he plans to fight poverty and climate change with a global economic crisis as a backdrop.

“For the first time in history, the IDB will be chaired by a Brazilian,” elected with 80% of the vote during a closed-door meeting of governors in Washington, the Brazilian Ministry of Economy tweeted.

The voting power of each country varies depending on the number of shares. The three main contributors to the IDB are the United States (30% of the capital), Brazil and Argentina (11.4% each).

Argentina withdrew its candidate Cecilia Todesca Bocco, so that only the proposal from Mexico, apart from the Brazilian, remained on the list. Gerardo Esquivelwho obtained 8.21% of the votes, that of Chile, Nicolás Eyzaguirre, with 9.93%; and that of Trinidad and Tobago, Gerard Johnson with 1.6% of votes.

The Mexican candidate congratulated the Brazilian and wished him success in his term.

The Joe Biden government congratulated the Brazilian on his appointment as head of the IDB, which “plays a vital role in promoting the economic, social, and environmental well-being of Latin America and the Caribbean,” the Treasury Department said in a statement.

“The United States looks forward to working with President Goldfajn to implement the set of reforms that shareholders have established to drive sustainable, inclusive, and resilient development, private sector-led growth, climate ambition, and improve the institutional effectiveness of the IDB,” it adds.

Ilan Goldfajn’s priorities

Goldfajn’s priorities for the next five years as president are the fight against poverty and climate change, along with investment in infrastructure, he said this week in an interview with AFP.

“The next president is going to have to face an IDB that has low morale, with many conflicts, much more ideological, that needs to be reenergized” but “this is both a challenge and an opportunity”, declared the Brazilian.

He anticipated that he will have to “work with people who come from a very conflictive period.”

Goldfajn replaces the American Mauricio Claver-Carone, dismissed in September for breaking the rules by favoring an employee with whom he had a romantic relationship and whose tenure was involved in controversy.

Goldfajn, 56, wants to make the IDB the “most important multilateral institution in the region” and considers it essential that the president be “independent, nonpartisan.”

Although his name sounded like a favorite since he applied for the position, it was unknown if he had the approval of Brazilian President-elect Luiz Inácio Lula da Silva since he was appointed by the far-right Jair Bolsonaro, who lost the elections.

“There is no one in Brazil with an objection to my name,” said Goldfajn three days ago, who until now was head of the Latin American department of the International Monetary Fund (IMF), a position that remains vacant and of great importance for the region.


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Treasury disqualifies Brazil’s victory over Mexico for the IDB presidency: “It’s more of the same”