CURRENT AFFAIRS

Detailed explanation-1: -Traditionally, the World Bank Group president has always been an American citizen nominated by the United States, the largest shareholder in the World Bank Group. The nominee is subject to confirmation by the Board of Executive Directors, to serve for a five-year, renewable term.

Detailed explanation-2: -Kant has more than 35 years of experience in banking, including retail and corporate banking, mortgage finance, local currency and foreign exchange instruments, and a diverse array of leadership challenges covering finance, risk, operations, treasury, funding, regulatory compliance and general management.

Detailed explanation-3: -NEW DELHI, August 1, 2022-Auguste Tano Kouamé is the World Bank’s Country Director for India, effective today. He replaces Junaid Kamal Ahmad who recently completed a five-year term.

Detailed explanation-4: -Mr Gill will succeed American economist Carmen Reinhart in the role and his appointment will be effective September 1, 2022. Mr Gill is currently Vice President for Equitable Growth, Finance, and Institutions, where he led work on macroeconomics, debt, trade, poverty, and governance.