WB to increase voting power of developing world by 3%

ISTANBUL, Oct. 5 (Xinhua) -- Central bank governors and finance ministers agreed here Monday to increase at least 3 percent of voting power of developing countries in the World Bank (WB).

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

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

"We stressed the importance of moving towards equitable voting power in the World Bank over time through the adoption of a dynamic formula which primarily reflects countries' evolving economic weight," said the communiqué issued after the meeting.

"While recognizing that over-represented countries will make a contribution, it will be important to protect the voting power of the smallest poor countries," it added.

Last month, the Group of 20 (G20) countries agreed in Pittsburgh to increase developing countries' voting power in the World Bank and IMF by at least 3 percent and 5 percent separately, a major move to improve the international organizations' legitimacy and effectiveness.