Ilan Goldfajn 20221014
  • Post author:
  • Post category:News
  • Post comments:0 Comments

The Israeli-Brazilian economist Ilan Goldfajnwas elected as president of the Inter-American Development Bank (IDB) to replace Mauricio Claver-Caronethe first American to run it, who was ousted for ethics violations.

His election was given after an agreement between USA, Brazil, Canada and the Argentinawho withdrew the candidacy of Cecilia Todesca Bocco. Born In 1966 in the bosom of a Jewish family, in Haifa, Golldfajn had part of his training in Brazil and graduated as an economist at the Federal University of Rio de Janeiro.

IDB: the Argentine government votes for the candidate of Brazil and keeps two key places

Subsequently, he obtained a master’s degree in Economics at the Pontifical Catholic University of Rio de Janeiro, of which he would later become a professor, and received his doctorate from the Massachusetts Institute of Technology. Between 2016 and 2019, he was president of the Central Bank of Brazil and chief economist of the financial institution Itaú Unibanco.

In 2017, he was elected Central Banker of the Year for the magazine The Bankerand the following year he was named Best Central Banker for the magazine Global Finance. He worked at the International Monetary Fund (IMF) between 1996 and 1999 and is an “old acquaintance” in Argentina since he played a fundamental role in technically close the deal between the country and the financial institution.

Godlfajn currently serves as head of the IMF’s Western Hemisphere Department and had been nominated by the Brazilian president Jair Bolsonaro for the IDB because of its character “not ideological or partisan”. “You need a leader who is not ideological, who is someone who does not discuss issues that are not substantive,” the outgoing president had said.

The scandalous removal of Claver-Carone had made it more likely that the next candidate would come from Latin America. Even so, the Israeli-born economist will be under pressure to work closely with China, the United States and Europe since they are all members and can seek to exert influence from afar.

For the first time, the IDB will be chaired by a Brazilian

  Ilan Goldfajn 20221014

According to an IDB statement, Goldfajn plans to focus on fight poverty and the climate change against a global economic crisis as a backdrop. “As president, he will oversee the operations and management of the bank, which works with the public sector in Latin America and the Caribbean,” they added.

After knowing his appointment, the economist said: “I will be the president of the IDB in all its diversity, I will be the president of the high-, middle-, and low-income countries“, of the regional and non-regional, of the South, Central America, North America and the Caribbean.

“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,” added the one who will also be in charge of the boards IDB executives and IDB Invest.

He also said that he wants to turn the IDB into the “most important multilateral institution in the region” and considers it essential that the president be “independent, non-partisan”. On the other hand, the Ministry of Economy of Brazil indicated that “for the first time in history, the IDB will be chaired by a Brazilian“, elected with 80% of the votes.

Argentina withdrew Todesca’s candidacy

Cecilia Todesca Bocco 20221117
The Argentine economist Cecilia Todesca Bocco.

Argentina opted to withdraw the candidacy of Cecilia Todesca Bocco on the way to the election for ownership of the Inter-American Development Bank, but will participate in the management of the organization.

After an extensive day of negotiations, the Government reached an agreement with authorities from the United States, Canada and Brazil and will obtain the vice presidency of Sectors and Knowledge; the Infrastructure and Energy Management, and will lead the new Institute of Gender and Equality.

Is that Andres Manuel Lopez Obrador, President of Mexico, did not fulfill his promise to lower the candidate and support Argentina to present one in the race as he knew how to convey to the president Alberto Fernandez, and neither Luiz Inacio Lula da Silva rejection Godlfjan as expected by the government.


You may also like

Leave a Reply