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Pastimes : The Hot Button Questions:- Money, Banks, & the Economy

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To: Siva Uppalapati who wrote (680)12/24/2004 12:32:54 PM
From: maceng2  Read Replies (1) of 1417
 
I expect the writer meant muslims.

Some bank news.

Zoellick 'bad choice' to head World Bank

swissinfo.org

By Doug Palmer

WASHINGTON (Reuters) - Social activists have expressed concern at the possible selection of U.S. Trade Representative Robert Zoellick to
head the World Bank.

David Waskow, international program director at the Friends of the Earth, said on Thursday that many groups were worried that Zoellick -- the
top U.S. official in charge of negotiating trade agreements with other countries -- was too closely tied with U.S. business interests to head an
institution crucial to poverty alleviation and sustainable development in poor countries.

President George W. Bush's re-election last month has heightened speculation in the development community that the White House wants it
own World Bank chief.

Zoellick is considered a leading candidate for the post, replacing Australian-born American James Wolfensohn, whose 10-year term expires
in June 2005.

By informal agreement among shareholder governments that finance the World Bank and the International Monetary Fund, the post of the
World Bank chief traditionally goes to an American, while the IMF's top job goes to a European.

Waskow accused Zoellick of making steep demands on developing countries in trade talks, without offering significant U.S. concessions in
return.

David Bryden, communications director for the Global AIDS Alliance, said his group also opposed Zoellick's possible selection as World
Bank chief.

Zoellick has pursued trade agreements that have benefited big pharmaceutical companies at the expense of poor people needing access to
cheap medicines, Bryden said.

"That's a record that's deeply disturbing not only to us but to a lot of AIDS organizations," he said.

Neena Moorjani, a spokeswoman for the U.S. Trade Representative's office, did not respond directly to the groups' complaints.

"Ambassador Zoellick serves at the pleasure of the president. He is focused on implementing the president's trade agenda," Moorjani said.

GOOD MARKS FROM CONGRESS, BUSINESS

Zoellick has received generally good marks from Congress and the business community for his work over the past four years. His supporters
argue he has done more to advance labour and environmental objectives in trade agreements than his predecessors, although others dispute
that.

Zoellick played a major role in launching the current round of world trade talks, known officially as the Doha Development Agenda, whose
primary goal is spurring development in poor countries through trade liberalization.

A key ingredient to launching the round was a hard-fought agreement which clarified that WTO intellectual property rules did not prevent poor
countries from taking certain steps to ensure their people have access to life-saving drugs.

AIDS activists accuse Zoellick of thwarting the implementation of that understanding. But U.S. trade officials say they have acted responsibly
to protect the patent system which is key to creation of new drugs.

Many business leaders, including Frank Vargo, vice president for international affairs at the National Association of Manufacturers, would like
Zoellick to remain as chief U.S. trade negotiator for a while longer.

But Zoellick has the background and expertise to bring in a much-needed change at the World Bank if Bush were to tap him for the job,
Vargo said.

"What's needed is someone who can really integrate these (developing) countries into the world economy. Otherwise you're just throwing
money down a hole," Vargo said.

Reuters

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