Developing countries get more say in World Bank functioning

  • 26/04/2010

  • Statesman (New Delhi)

WASHINGTON, 26 APRIL: Emerging economies, including China and India, were given a greater voice at the World Bank, as member nations approved a slight shift of voting shares in favour of developing countries, while agreeing to raise more money for global aid. The World Bank and The International Monetary Fund (IMF) concluded their annual spring meeting here by increasing the voting rights of India, China and Brazil, among others, thus giving them more say in the institutions' functioning. This represents a total shift of 4.59 per cent to developing and transition countries since 2008, the IMF and the World Bank said in a joint communique after the meeting. As a result, India's voting power increased from 2.77 per cent to 2.91 per cent while China whose rights increased from 2.77 per cent to 4.42 per cent was the biggest benefactor. The shift places India at the seventh biggest place after the USA (15.85 per cent), Japan (6.84 per cent), China, Germany (4 per cent), France (3.75 per cent) and the United Kingdom (3.75 per cent).