World bank, China 3rd voting power behind US, Japan, $86bn Boost

Washington Apr-25-2010 Xie Xuren, Chinese Finance Minister

Xie said that the reform also had a model effect. The World Bank's

reform will help promote its sister institution, the International

Monetary Fund's quota reform.

World Bank gives China 3rd voting power behind US and Japan,

strengthening the emerging economies with greater influence

Robert Zoellick World bank president: giving developing

countries over 47% of the votes, is a significant step.

o Chinese minister: World Bank reform benefits world development

o World Bank Reforms Voting Power, Gets $86 Billion Boost

o World Bank opens free development data catalog

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World Bank Reforms Voting Power, Gets $86 Billion Boost

Financial resources:

• $86bn capital increase for IRBD

An increase of $86.2 billion in capital for the International Bank

for Reconstruction and Development (IBRD), the arm that lends

to developing countries, from a general capital increase and a

selective capital increase linked to the change in voting-powers;

this includes $5.1 billion in paid-in capital.

• $0.2bn capital increase for IFC

A $200 million increase in the capital of the IFC, the World Bank

Group’s private sector arm, as part of an increase in shares for

developing and transition countries. IFC will also, subject to

board approval, consider raising additional capital through issuing

a hybrid bond to shareholding countries and through retaining

earnings.

• Post-Crisis Strategy: Sub-Saharan Africa

The Bank is sharpening its strategic focus where it can add most

value, emphasizing:

1) Targeting the poor and vulnerable, especially in

Sub-Saharan Africa;

2) Creating opportunities for growth with a special

focus on agriculture and infrastructure;

3) Promoting global collective action on issues from climate change

and trade to agriculture, food security, energy, water and health;

4) Strengthening governance and anti-corruption efforts; and,

5) Preparing for crises.

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Related:

photo credit:

The Development Committee

World Bank Group / International Monetary Fund IMF

April 25, 2010 WDC

World Bank, IMF end SpringMeetings with solid step in

voice reform

WASHINGTON, April 25 (Xinhua)

The World Bank and the

International Monetary Fund

(IMF) ended their Spring Meetings

here on Sunday, with a solid step in the long-expected voice

reform, a cautious note on exit strategy and a call for global

cooperation amid uncertain recovery prospects.

source: news.xinhuanet.com