Gordhan reacts to new World Bank president appointment

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South Africa's finance minister says he'll push for more international financial institution reforms as the World Bank picked the U.S. candidate for the financial institution's top post.

Pravin Gordhan was reacting to the World Bank's executive board picking Dartmouth University President Jim Yong Kim.

The other candidate was Nigerian Finance Minister Ngozi Okonjo-Iweala, who was supported by South Africa and other African
and developing countries.

Gordhan said some progress has been made, pointing out that any country was able to nominate a candidate for World Bank president this year.

He indicated, however, that he was concerned that "established powers" would continue to determine the final choice.