World Bank increases voting power of developing countries

26/04/2010 14:35

The World Bank and the International Monetary Fund (IMF) ended shoestheir Spring Meetings here on Sunday, with the endorsement of an increase of developing countries' voting power in the International Bank for Reconstruction and Development (IBRD) by 3.13 percentage points to 47.19 percent. This represents a total shift of 4.59 percent to developing and cheap shoestransition countries since 2008, the World Bank/IMF joint Development Committee said in a communique issued after its meeting in Washington. The move marks "important strides of increasing the voice and influence of wholesale shoesdeveloping countries at the World Bank Group," World Bank President Robert Zoellick said at a press conference. "The endorsement of the shift in voting power is crucial for the bank's legitimacy." As a result of the shift, China's voting power has now increased to nike shoes4.42 percent from 2.77 percent, the third biggest after the United States and Japan. Brazil's voting power has risen from 2.06 percent to 2.24 percent,cheap nike shoes and India from 2.77 to 2.91. The latest realignment includes a selective capital of 27.8 billion U.S. dollars withNike Air Jordan Shoes paid-in capital of 1.6 billion dollars. The committee also approved a capital increase of 86.2 billion dollars for air jordanthe IBRD, including 58.4 billion dollars in general capital increase and 27.8 billion dollars in selective capital increase. By increasing its legitimacy through the voice reform and rebuilding itsair jordan shoes capacity through the capital increase, the World Bank will strengthen its efficiency, effectiveness and accountability to help the world battle the current crisis and meet future challenges, the committee said. The communique stressed the need for international cooperation in the face ofAir Max shoes uncertainty in global recovery fromNike Air Max Shoes the crisis. It called for intensified efforts to help poor countries attain theNike Shox Shoes Millennium Development Goals, as the world isAir Max only five years away from the 2015 deadline. If North Korea is ultimately blamed, South Korean officials don't air shoxexpect difficulty building public support to penalize it. While the long-tense relations between the two Koreas thawed after leaders met forair shox shoes a summit in 2000, the goodwill didn't last. In 2002, six South Korean sailors died in a naval clash with the North near where the Cheonan sank. In 2006, Pyongyang launched its first of two nuclear-weapon tests. The March 26 sinking occurred in the same boundary waters where South Korea's navy Nike Basketball Shoesseverely damaged a North Korean vessel in November, perhaps killing some of its sailors. In February, North Korean dictator Kim Jong Il visited the navy base where the damaged ship returned, raising speculation in the South that he ordered an attack in retribution. In another line of speculation, some analysts say Mr. Kim may have wanted to show strength inside the country to help the potential succession of his son, Kim Jong Un.