NO.024

Nomination of Australian Executive Director to the World Bank

The Treasurer today announced the nomination of Dr Jim Hagan PSM, a senior Treasury official, to the position of Executive Director at the World Bank from 1 August 2007 for a period of four years. Dr Hagan will replace Dr Joong-Kyung Choi, a Korean representative, who has served in the position since August 2005.

On the acceptance of this nomination, Dr Hagan will represent a constituency of countries within the World Bank comprising: Australia; Cambodia; Kiribati; Republic of Korea; Marshall Islands; Federated States of Micronesia; Mongolia; New Zealand; Palau; Papua New Guinea; Samoa; Solomon Islands; and Vanuatu. Executive Directors are employees of the World Bank and their salaries and allowances are met by the World Bank.

Dr Hagan is an experienced Commonwealth public servant who has held various senior executive positions. Presently, Dr Hagan is the Chief Advisor (International), Australian Treasury. From December 2004 to December 2006, Dr Hagan was the Undersecretary to the Solomon Islands Department of Finance and Treasury deployed under the Regional Assistance Mission to the Solomon Islands (RAMSI), where he gained first-hand experience of the development challenges confronting countries in Australia’s region and the work of the World Bank. Prior to this, Dr Hagan held various senior positions, including managing Treasury’s Domestic Economy Division, Foreign Investment Policy Division, GST Start-Up Assistance Office, Business Tax Policy Division and Industry and Competition Policy Division. Dr Hagan has also held senior executive positions in New Zealand Treasury.

The World Bank’s mission is to reduce global poverty and improve living standards. Australia has been a member of the World Bank since its inception in 1944 and remains an influential shareholder in the Bank, attaching considerable importance to its work in small and fragile states.

LONDON

11 April 2007

Contact:

David Gazard –

0428 405 107