Developing states want greater voice in IMF, WB leadership
AFP, Washington
Developing countries chastised the IMF and the World Bank Friday for what they said had been a failure to give them greater decision-making power in the two institutions and urged that the next World Bank president be chosen irrespective of nationality. The Group of 24 developing country ministers also said the US current account deficit drained vital funds away from poorer nations, describing the shortfall as "a misallocation of resources." Their statement came ahead of the annual meeting opening here Saturday of International Monetary Fund and World Bank policymakers. The ministers voiced "strong disappointment and concern that, after two and a half years, no progress has been made on the issues of increasing basic votes and revising the quotas of developing countries in the IMF." They warned that "the current under-representation of developing countries in the decision-making process undermines the credibility and legitimacy (of the fund and the bank) and puts their relevance into question."
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