Emerging Nations Seek Bigger Say in World Bank, IMF – Report

Brazil, Russia, India, China and South Africa are reportedly eyeing bigger roles in managing the World Bank and International Monetary Fund, challenging the 65-year monopoly of the U.S. and Europe in the leadership of the two lenders, according to two diplomats who helped put together a statement by the five emerging economies. 

According to the diplomats, the leadership structure of the World Bank and IMF needs to take into account the changes in the global economy, the draft statement reads, as reported by Bloomberg. 

“We will insist on the fact that governance at the IMF and the World Bank cannot be a systematic rotation between the U.S. and Europe, with the other countries excluded,” Brazilian President Dilma Rousseff told reporters in Beijing April 12. “There is no reason for that.” 

The top post at the World Bank is traditionally held by a U.S. citizen, while a European leads the IMF.

The World Bank and IMF will hold their annual spring meetings on April 16-17 in Washington.

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About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.