Developing countries gain majority on World Bank's board

08:54, October 09, 2010      

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Developing countries on Friday gained a majority of seats on the World Bank's executive board after a third seat for Sub-Saharan Africa was added to the board.

The Bank's governors elected Friday Dr. Renoise Mokate, Former Deputy Governor of the South African Reserve Bank, to the Bank's 25-member Board. She will take up her seat on the Bank's Board of Executive Directors on November 1, 2010.

"The election of Dr. Mokate is very welcome as it delivers on the promise of a third seat for Sub-Saharan Africa on the World Bank's board and it also means developing countries will have a majority of seats at the table," said World Bank Group President Robert B. Zoellick.

"The voices of developing countries are vital to delivering effective development and to reflecting the realities of today's world," he added.

The Bank in April approved a 3.13-percentage-point increase in the voting power of developing countries, making it 47.19 percent now. However, its sister institution, the International Monetary Fund (IMF) still lags behind in terms of quota reform.

"The IMF's legitimacy, relevance, and effectiveness in implementing its mandate depends critically on addressing the imbalance in voice and representation," finance ministers and central bankers from the G24, a grouping of 24 developing countries, said in a communique on Thursday after concluding their 84th meeting in Washington, D.C.

The group called for a "significant" realignment of IMF quotas to bring about a shift of at least 5 percentage points from advanced economies to emerging markets and developing countries ( EMDCs).

The IMF's latest World Economic Outlook report predicted much stronger growth in developing countries than that of advanced economies. However, developing countries' increasing influence in the world economy was not matched by their quotas at the IMF.

Source: Xinhua


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