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WB mulls reform for bigger role of DTC
(Xinhua)
Updated: 2009-10-05 19:40

ISTANBUL - Central bank governors and finance ministers are discussing Monday morning further reforms to give Developing and Transition Countries (DTC) a bigger voice in the World Bank to reflect their growing economic power.

Boards of governors of the World Bank (WB) and the International Monetary Fund (IMF) jointly started the 80th meeting of the Development Committee here ahead of their annual meetings.

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Enhancing voices and participation of DTC in the 186-nation WB are high on agenda of Monday's meeting.

Further reforms should result in a significant rise of DTC voting power in the International Bank for Reconstruction and Development (IBRD) in addition to a previously agreed increase, said a document on proposals for discussion released before the meeting.

The IBRD is the World Bank's institution that provides loans, guarantees, risk management products, and analytical and advisory services to reduce poverty in middle-income and creditworthy poorer countries.

The Development Committee agreed in October 2008 to increase the DTC voting power in the IBRD by 1.46 percent in the first phase of reform. It agreed this April to accelerate work on the second phase of reform and reach agreement by 2010 Spring Meetings.

The reform is aimed at strengthening WB's long-term effectiveness and financial capacity, it said.  

The Development Committee is expected to release a communique after the meeting.