China gains clout in World Bank vote shift (3)

08:31, April 26, 2010      

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He said members agreed that for the next review in 2015 they would develop a new methodology to seek a more balanced voting system.

But South African Finance Minister Pravin Gordhan expressed disappointment in the outcome and said he considered this a "starting point".

"We are disappointed that the process has resulted in dilution of the voting power of some Sub-Saharan African countries, in spite of the collective acknowledgment of the need to protect them," Gordhan said. "We strongly believe that more should have been done to prevent such dilutions."

"We consider the progress made to date as a starting point for more robust outcomes in future," Gordhan added.

Brazilian Finance Minster Guido Mantega said developing countries were still significantly under-represented based on their weight and role in the world economy.

"Given the rapid changes in the economic landscape, a dynamic formula for shareholding should deliver at least parity in 2015, moving toward equitable voting power," he said.

Eswar Prasad, a senior fellow at Brookings Institution, said the modest shift of 3 percent was primarily symbolic.

"There is a long slog ahead before emerging economies are given a level of representation at the international financial institutions that corresponds to their increasing prominence in the world economy," Prasad said.

People's Daily Online / Agencies
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