It has been recently revealed in a report that the South Korean bank has been approved of the nomination for the head of the bank, which was put across by President Barack Obama. They are of the view that the nomination were put across by him in the form of Jim Yong Kim, a US-raised physician, currently presiding over the Dartmouth College.

This nomination has been put across because Mr. Robert Zoellick, the current head, is going to leave the organization in the month of June.

"We highly appreciate President Obama's decision to nominate Kim and will cooperate more closely with the World Bank. We believe that Kim is the right person to carry out the duties to reform the World Bank and eradicate poverty", said the presidential Blue House, in a recent statement about the matter.

The other candidates for the same post are Nigerian Finance Minister Ngozi Okonjo-Iweala and Colombian Jose Antonio Ocampo, a professor at Columbia University.

The nominations are currently being considered by the organization and the final verdict shall soon be out on who is the best choice for the prestigious and responsible position in the time to come. There is need for choosing a candidate that can work under this highly complex economic condition of the world