The government declined the candidacy of Cecilia Todesca Bocco to the presidency of Inter-American Development Bank (IDB)after a long day of negotiations.
After the declination of the Foreign Ministry official to the highest position of the financial organization based in Washington, the Government seeks to reach an agreement with authorities from the United States, Brazil and Canada to give the entity a new institutional framework.
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Within this framework, Argentina tries to occupy the vice presidency of the Infrastructure Management and lead the new Institute of Gender and Equality that will be part of the new management of the IDB.
The agreement included support for the Brazilian Ilan Goldfajn as successor to the dismissed Mauricio Claver-Caronewho ultimately took the position. Until now, the new president of the IDB had served as director of the Western Hemisphere of the IMF and had been proposed as a candidate for Brazil by the current president, Jair Bolsonaro.
Todesca Bocco’s candidacy lost steam after the president of Mexico, Andres Manuel Lopez Obrador (AMLO), finally decided to support the candidate of his country, Gerardo Esquivel, despite a prior agreement with Alberto Fernandez to support the Argentine official.
To this was added the United States, which, although it also supported a consensus candidate like Mexico and Argentina, the inclination was for Goldfjan, the Brazilian leader.
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Given this scenario, with Goldfjan’s shares trading on the rise and Todesca Bocco’s almost ruled out, it was necessary to add those of Nicolas Eyzaguirreformer director of the Western Hemisphere of the IMF, nominated by Chile and gerard johnson by Trinidad and Tobago.
The appointment of the new head of the Washington-based financial organization it was defined by votes of the member countries.
Todesca’s candidacy sought to break with two historical aspects of the IDB that date back to its creation in 1959: that it be governing for the first time by a woman and by someone from Argentina.
Cecilia Todesca Bocco’s resume
The Argentine official served as Secretary of Budgetary Evaluation, Public Investment and Public-Private Participation for the execution of the National Budget. She was also Chief of Staff of the central bank during the management of Mercedes Marcó del Pont between 2010 and 2013.
She was also a senior advisor for Argentina in the Southern Cone chair at the IMF, and economic adviser in the Sovereign Risk Analysis Department of the Standard&Poor’s Agency.