World Bank moves to widen access

The World Bank's board of governors has approved a proposal to create an additional seat for developing nations on its executive board. This move, if sealed by the bank's 185 members, will help developing countries to have a majority of seats on the board. It would also help increase the voting power of this bloc to 44 percent.

The measure comes as a response to the criticism that it (and other international organizations such as the IMF) faced last year for its failure to foresee the global financial crisis.

At the G20 Summit in Washington last November, some developing nations had pressed for a revision in the representation mechanism in international financial institutions. This, they said, would enable them to have a better say in the workings of these multilateral bodies.