Developing states to get more say in World Bank.

WORLD Bank members reached a preliminary agreement on a 3,13% shift in voting power to give emerging and developing states greater influence in the global institution. This will increase the votes of the developing world to 47,19%. A final decision will be decided in a vote by member countries.

The battle over influence part of efforts to reflect the growing clout of developing economies on the world stage and a precursor to a similar move on the International Monetary Fund (IMF).

The talks have been difficult because advanced economies, especially those in Europe, have been unwilling to give up some of their voting shares, and the US is holding onto its veto power. Smaller European countries have been concerned that even a small change would mean a marked reduction in their influence.

http://www.businessday.co.za/Articles/Content.aspx?id=107202

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