China: more weight to the World Bank
The World Bank took into account the weight of so-called "developing and transition economies" in the global economy by proposing to increase their voting rights in the institution, as requested in September by the G20, transferring at least 3% of the votes of advanced countries to others.
The 186 shareholder countries of the World Bank have agreed, after the spring meetings of the International Monetary Fund (IMF) in Washington, for a capital increase – the first in 20 years – 3.5 billion ($ 2.6 billion), in addition to which only the developing countries could add 1.6 billion dollars that will allow them to increase their voting rights.
"The approval of this change on voting rights is crucial for the legitimacy of the bank," said World Bank President Robert Zoellick.
China will hold 4.42% shares
Ultimately, it is 3.13% of rights that should be taken from one side and granted each other, allowing developing countries to hold 47.19% of the voting rights of the World Bank.
Among the big winners (r) evolution – the issue of transfers of votes is the subject of debate for several years – China, whose rights to vote from 2.77% to 4.42%, to climbed to third place in the countries most represented, after the United States (15.85%) and Japan (6.84% against 7.62% previously) electronic check payday advance.
"This represents an important step towards a new balance between developed and developing countries" reacted Chinese Finance Minister Xie Xuren was quoted by the official Xinhua News Agency.
Brazil (2.06% to 2.24%) or India (2.77% to 2.91%), have also benefited from this review, for example at the expense of France, whose share was down by 4.17% to 3.75%. Ditto for Great Britain.Germany now holds 4% of the votes, against 4.35% previously.
Faster, more flexible
The Development Committee of the Board of Governors also approved an increase of 86.2 billion dollars of capital to the International Bank for Reconstruction and Development (IBRD).
"The additional capital can be used to create jobs and protect the most vulnerable through investments in infrastructure in small and medium enterprises and social safety nets," said the head of the institution .
The committee was in favor of the new Bank strategy for post-crisis and "a set of sweeping reforms to make the Bank faster, more flexible, making it more accountable for its actions" .
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