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Wednesday, December 07, 2022

IDB begins process of presidential election after removal of Claver-Carone

IDB begins process of presidential election after removal of Claver-Carone

Photo: EE File

The Inter-American Development Bank (IDB) on Wednesday announced the start of the process to appoint a new chairman, two days after formalizing the dismissal of Mauricio Clever-Caron for having links with a subordinate.

The office of the IDB Secretariat notified the bank’s governors (economy ministers or directors of the central banks of the 48 countries that make up the institution) of the opening of the process for proposing candidates, which will last 45 days.

To be elected, a candidate must obtain a majority of the member states’ voting power, which varies according to the number of shares of the IDB’s ordinary capital owned by each member country.

For example, the United States has the highest voting power at 30%, followed by Argentina and Brazil at 11.3% and Mexico at 7.2%, respectively.

The winning candidate, who is elected for a five-year term (and once re-elected), must also have the support of at least 15 of the 28 regional countries.
Until then, Honduran Queen Irene Mejia Chacón, who has held the position since last Monday when Clever-Caron’s departure was made official, will chair the IDB on an interim basis.

The Cuban-American was sacked after losing the confidence of the IDB Board of Governors, as a result of his love affair with a subordinate.

In an interview with Efe, Clever-Caron described his dismissal as “arbitrary” and “political” and the allegations as “defamatory” because, in his opinion, there is no evidence that one of his employees had been fired. He had a romantic relationship with her.

Clever-Caron was elected head of the IDB in September 2020 on a proposal from then US President Donald Trump (2017-2021), a decision that generated some controversy as he was the first non-Latin American president.

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