WASHINGTON, D.C., U.S.: Bahamas Prime Minister Hubert Ingraham has been selected to chair the Boards of Governors of the International Monetary Fund (IMF) and World Bank Group (WBG).
The announcement was made in Washington D.C. during the IMF-World Bank 2010 Annual Meetings.
As chair of the 2011 meetings, Ingraham will be a primary channel of communication between the executives of the institutions and the shareholder countries.
In addition to chairing the Boards of Governors, Ingraham will also chair a standing committee known as the Joint Committee on the Remuneration of Executive Directors and their Alternates. This committee addresses sensitive issues concerning the compensation and benefits.
Ingraham will also chair the Joint Procedures Committee, which is responsible for finalizing the preparations for annual meetings, including matters like setting agenda items and resolutions to be voted on.
The chairmanship of the Boards of Governors – a group made up of the designated representatives of the shareholder countries – has as its primary function the job of chairing the Annual Meeting of the Fund and Bank Group.
The chairmanship of the Board of Governors of the IMF and the WBG rotates among the five main regions – Africa, Asia-Pacific, Europe, the Middle East and the Western Hemisphere.
According to some of the criteria listed during the selection process, the Bahamas should be in good standing with the Fund and the Bank Group in terms of cooperation, participation and financial relations. The chairman’s country should also be in good standing in the international community, and the person selected to be chairman is expected to be widely respected among finance and development officials.