The heads of the World Bank and the International Monetary Fund (IMF) kick off annual meetings this morning with two press conferences. IMF Managing Director Christine Lagarde and World Bank President Robert Zoellick address reporters from the IMF's Washington, DC, headquarters.
IMF chief Lagarde will likely speak about the fund's efforts to raise $400 billion from member nations to support the global economy recovery effort. According to Reuters, U.S. Treasury Secretary Timothy Geithner gave the IMF a boost during a talk at the Brookings Institution on Wednesday when he suggested that the Group of 20 nations may be willing to contribute more resources to the fund.
Robert Zoelleck's term as World Bank President ends on June 30. He will be replaced by former Dartmouth President Jim Yong Kim. Following Zoelleck's announcement that he would step down, member nations from the developing world mounted a campaign to place a non-American in the position. However, the World Bank's Executive Board approved Kim, who was chosen by President Obama, on Monday.
Traditionally, the head of the World Bank is an American nominee and the head of the IMF comes from the European Union.