World Bank to reach deal on vote change
US: World Bank member countries reached a preliminary
agreement on a 3.13 percent shift in voting power to give emerging and
developing nations greater influence in the global institution.
World Bank officials, who agreed to talk on condition of anonymity,
said the shift would increase the votes of the developing world to 47.19
percent. “There is a 99 percent chance this (deal) is closed,” one World
Bank source told Reuters.
The battle over influence at the aid-focused bank is part of efforts
to reflect the growing clout of developing economies on the world stage
and an important precursor to a similar move on the International
Monetary Fund. The agreement will be confirmed on Sunday when member
countries convene at meetings on the World Bank’s Development Committee.
A final decision will be decided in a vote by member countries.
Washington, Sunday, Reuters |