World Bank's Executive Director M N Prasad, who had previously worked as secretary to former Prime Minister Manmohan Singh, has been given an extension till October 31.
The Appointments Committee of the Cabinet has approved the proposal for extension of tenure of Prasad, a 1972 batch IAS officer of Bihar cadre (retired), as Executive Director, World Bank till October 31, said an official release issued today by the Ministry of Personnel.
The order for Prasad's appointment was issued on July 26, 2011 for three years. Prasad was then working as Secretary to former PM Singh.
The Executive Directors are responsible for the conduct of the general operations of the World Bank and exercise all the powers delegated to them by the Boards of Governors. They also select a President who serves as Chairman of the Boards.
They are responsible for International Bank for Reconstruction and Development's loans, guarantees and policies that impact the World Bank's general operations among others.
