Who is the favorite in this weekend’s IDB presidential election?

The ousting in September of Mauricio Claver-Carone as president of the Inter-American Development Bank (IDB) opened the door to an early election for new leadership, scheduled to take place on November 20.

While most eyes will be focused on the FIFA football World Cup that kicks off on the same day, this contest will also be of relevance for the region, as the IDB lends billions per year to Latin America and the Caribbean, with funds coming from developed Western nations led by the U.S.

Five countries presented candidates in the days prior to the November 11 submission deadline, all of them from non-lending countries. Regardless of who wins, the election marks a return to a 60-year tradition of naming a Latin American head for the IDB — broken by Donald Trump’s White House with the Claver-Carone pick.

The best-known nominee is Ilan Goldfajn, an Israeli-born Brazilian orthodox economist. Many see him as a favorite, given his pedigree as a former chief economist at Itaú, Brazil’s biggest private bank, followed by a stint as head of the country’s Central Bank and his current position as Western Hemisphere director for the International Monetary Fund (IMF). Additionally, he enjoys a good relationship with the U.S. establishment.

Mr. Goldfajn’s reputation has been growing since his time as a central banker, when Brazil clawed its way out of one of its worst recessions on record during Michel Temer’s caretaker presidency. His role at the IMF has also been seen as more...