09/22 Closing prices / revised 09/25/2023 08:35 GMT  |    09/22    OPEC Basket    95.73        +0.72    |    09/22   Mexico Basket (MME)   $86.99  +0.20 06/23  Venezuela Basket (Merey) $57.37  + 1.15 ( from previous month)  (Est. OPEC)  | 09/22    NYMEX WTI Texas Intermediate  October  CLV23  $90.03     +0.40  | 09/22    ICE Brent November  BRNX23   $93.27   -0.03 | 09/22    NYMEX Gasoline October  RBV23    $2.56    -0.05   09/22    NYMEX  Heating Oil  October HOV23   $3.37     +1.2%   |  09/22    Natural Gas November NGX23    $2.63      +0.02%    09/22   Active U.S. Rig Count (Oil & Gas)    630      -11 | 09/25    USD/MXN Mexican Peso   17.2265  Live data  | 09/25      EUR/USD  1.0632    Live data  | 09/25   US/Bs. (Bolivar)      $33.9912000  ( data BCV)    |

Latin America Bank Picks Brazil’s Goldfajn as Next President – Bloomberg

  • Inter-American Development Bank held vote for chief on Sunday
  • Goldfajn backed by US, Argentina wins 80% of board vote share
Ilan Goldfajn (Andrew Harrer/Bloomberg)

Eric Martin, Bloomberg News

EnergiesNet.com 21 11 2022

Governments from Latin America, the Caribbean and the US chose Ilan Goldfajn to be the next head of the Inter-American Development Bank, making him the first Brazilian to win one of the region’s most coveted jobs at a key financial institution.

Goldfajn, 56, the current Western Hemisphere director of the International Monetary Fund, was elected for a five-year term during a meeting Sunday of finance ministers and other officials of member nations, with most participating virtually from capitals across the Americas, the IDB said in a statement.

The vote came after Argentina withdrew its candidate and threw its support behind Goldfajn, according to people familiar with the proceedings, who asked not to be identified because the discussions were private.

An Argentine official said that the nation worked out a deal with fellow bank members to have Argentines in several high-ranking positions at the bank, including one of its vice presidents and leading an institute focused on gender and equality, and negotiated behind the scenes with the US, Canada and Brazil to give Goldfajn the majority.

Goldfajn received 80% of the vote, compared with 9.9% for Chile’s Nicolas Eyzaguirre, 8.2% for Mexico’s Gerardo Esquivel and 1.6% for Gerard Johnson who was nominated by Trinidad and Tobago, according to the people. Goldfajn also received backing from 17 governments, more than the 15 needed to win, out of a group of 28 nations that includes the bank’s regional borrowers plus the US and Canada.

International financial organizations such as the IDB seek to operate by consensus. Support by President Joe Biden’s administration was critical, with the US controlling 30% of the bank’s voting shares, almost triple the amount of second-place Brazil and Argentina. The five candidates interviewed for the job with representatives of the IDB’s member governments, giving presentations and answering questions, one week ago.

The IDB is an important lender for the region, with nations borrowing more than $23 billion last year. It was key to the response to the global pandemic, when Latin America was one of the hardest-hit regions. 

The election turns the page on a turbulent era for the bank, with nations in September removing President Mauricio Claver-Carone after a probe found that he probably broke ethics rules in a romantic relationship with a top aide.

Goldfajn, a former Brazilian central bank chief whose resume also includes time as chief economist of Itau Unibanco Holding SA and chairman of Credit Suisse Group AG in Brazil, takes office in mid-December. He’ll be the seventh president for the bank founded in 1959, with past longtime chiefs coming from Colombia, Uruguay, Mexico and Chile.

His election is a return to Latin American leadership after then-President Donald Trump’s unprecedented move in 2020 to position a US candidate — Claver-Carone — to lead the institution despite opposition from Argentina, Mexico and many Democrats.

Goldfajn’s nomination was scrutinized because it came from the government of right-wing President Jair Bolsonaro, who leaves office in six weeks. Members of leftist President-elect Luiz Inacio Lula da Silva’s transition team had sought to delay the IDB vote until January so the incoming leader could have a say on Brazil’s candidate and vote.

In an interview last week, Goldfajn said he’s an apolitical, data-driven economist who can help the IDB overcome the region’s historic left-right political conflicts. His priorities will be fighting inequality and food insecurity; building nations’ resilience to climate change shocks and helping fossil-fuel producers responsibly transition to renewable fuels; and investing in physical and digital infrastructure.

bloomberg.com 11 20 2022

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top