The World Bank supported India and other developing nations’ call for raising their voting share in the multilateral development agency by six per cent to 50 per cent to reflect the reality of today’s world.
“I am pleased that yesterday the Development Committee (of the World Bank) stressed the importance of securing a further increase in voting power for developing countries of at least an additional 3 per cent — bringing developing countries’ (voting power) to at least 47 per cent.
“ We must continue to be ambitious. We should try to see if we can increase the share of the developing countries toward 50 per cent over time,” World Bank Group President Robert B. Zoellick said here.
At the annual meetings of the Board of Governors of the World Bank Group, Mr. Zoellick stressed that institution should more accurately reflect the world around us.
He said when the World Bank was established in 1944, the world was different from today. The institution was formed by 44 countries whereas its membership today stood at 186.
“The developing countries of today were mostly still colonies. This system had long passed and the political economy of the 21st century demanded a changed order that reflected the growing role of developing countries,” the World Bank President pointed out.
Indian Finance Minister, Pranab Mukherjee, had called for 6 per cent shift in voting power to developing countries in the World Bank.