World Bank agrees to give more say to emerging and developing nations: Geithner

08:22, April 26, 2010      

Email | Print | Subscribe | Comments | Forum 

U.S. Treasury Secretary Timothy Geithner said on Sunday that World Bank members have agreed to give more voting power to emerging market nations.

"The new formula will better reflect the weight of the developing and transition countries in the global economy, while protecting the voice of the smallest and poorest countries," Geithner said at the World Bank's Development Committee meeting.

"Because we believe this overall outcome merits our strong endorsement, the United States agreed not to take up its full shareholding in this new arrangement," he said.

The Development Committee, a forum that facilitates intergovernmental consensus-building on development issues, is set to discuss the most comprehensive reform program in the World Bank's history.

The bank's 186 shareholders will decide on whether to support the first capital increase at the World Bank in more than 20 years, and whether to increase shares of the emerging and developing countries.

After a first phase of reforms agreed in 2008, developing countries have a 44 percent share in the World Bank.

At the Pittsburgh G20 summit in September 2009 and the Istanbul Development Committee in October 2009, the bank's shareholders agreed to move to at least 47 percent for developing and transition countries.

The World Bank is on a turning point, and shareholders of the bank must keep their promise to give developing countries "a bigger say" in the international financial organization, World Bank President Robert Zoellick said on Thursday.

The World Bank chief said that developing countries are key sources of demand for the global economic recovery, and over time,they can become multiple poles of growth.

World Bank officials said Saturday that the bank's shareholders have reached a preliminary agreement on vote change, noting that the shift might increase the votes of the emerging and developing world to 47.19 percent.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion