For more than a decade, the leadership of the World Bank has been riddled with controversy. The two most recent presidents, Dr Kim Jim Yong and Mr David Malpass, resigned before completing their full terms. Dr Kim, a physician who was appointed in 2012, presided over a chaotic reorganisation of the bank and lost the confidence of its staff, while Mr Malpass, a former Treasury department official from the Trump administration, was severely criticised by scientists, non-governmental organisations (NGOs) and members of the US Congress for failing to address the climate crisis, and indeed, for being a climate denier.

The World Bank now has a new president, Mr Ajay Banga, an American citizen of Indian origin. The United States is the largest shareholder of the World Bank and has always appointed its president, even though it has no formal mandate to do so.