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Developing Countries Lobby For More Voting Power In World Bank, IMF

Developing countries Monday at a meeting in Istanbul said they should get larger percentages of the vote at the World Bank and the International Monetary Fund (IMF), the Associated Press reports.

Finance ministers from Brazil, India, Indonesia, Russia and Venezuela “said the credibility of the bank, which assists developing countries, would erode unless countries have a voice consistent with their weight in the global economy,” the news service writes. At the recent G20 meeting in Pittsburgh, “leaders agreed to redistribute at least 3 percent of voting power in the World Bank, and 5 percent in the IMF” (Torchia, 10/6).

VOA News reports that the World Bank and IMF development committee “announced that an agreement had been reached on the first step to redistributing power in the World Bank in favor of emerging markets” (Jones, 10/5).