IMF & WB meeting to beigin in Istanbul

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The Turkish city of Istanbul is gearing up to host the joint annual meeting of the International Monetary Fund and the World Bank.

More than 13-thousand representatives from over 180 countries are expected to focus on finding ways to promote global economic recovery and development.

The main topics of this year's event are expected to include the world economic outlook, poverty eradication, and aid effectiveness.

On Monday, Boards of governors of the World Bank and the IMF jointly held a meeting of the Development Committee ahead of the annual meeting.

Officials discussed reforming the voting structure in the IMF and the World Bank.

The financial leaders agreed to give developing countries at least 3 percent more voting power in the World Bank. But the final agreement won't be reached until 2010.

The IMF's policy-steering committee says the Fund is evolving into a "clearing house" that will help manage the global economy.