Guyana supports US for IDB presidency

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The Government of Guyana has thrown its support behind Mauricio Claver-Carone, who has been nominated by the United States of America for the post of President of the Inter-American Development Bank (IDB).

The Foreign Affairs Ministry said that Claver-Carone’s experience in senior positions of the US Treasury Department, the US National Security Council and as US Executive Director of the International Monetary Fund (IMF) augured well for his presidency.

The IDB is expected to hold elections on September12 and 13 for a successor to the current President, Luis Alberto Moreno of Colombia, whose term ends on September 30.

The Ministry said that the nomination of Claver-Carone demonstrates the US commitment to leadership in important regional institutions, and the advancing of prosperity and security in the Western Hemisphere. It noted that his leadership of the IDB is expected to strengthen its ability to deliver development impact to the Region.

Claver-Carone, as the US Executive Director at the IMF, had represented the United States – the largest shareholder – on the IMF’s Executive Board. At the US Treasury, he served as Senior Advisor for International Affairs.

The IDB plays a pivotal role in the progress and overall development of Guyana and the Latin America and Caribbean Region.

Since its founding in 1959, the Washington-based development bank has always been led by someone from Latin America. The current head, Colombia’s Moreno, is preparing to step down after 15 years.

If elected, Claver-Carone said he would serve a single five-year term, according to the International Press. He also vowed to reform the bank to impose term limits for all future presidents to reflect the Region’s own evolving democratic norms.

With 48 member states, the IDB is the largest source for development financing for Latin America and the Caribbean. The bank’s President is elected by Member States and the Board of Governors. A non-borrowing member of the IDB, the United States controls 30 per cent of the vote, the most of any nation.