Top Story of the Week: Spring at the World Bank

Spring is the time of renewal and growth. For the World Bank and International Monetary Fund, this holds true as the two institutions, each spring, discuss how they can revitalize their efforts in promoting development across the globe.

Shifting voting powers and increasing capital dominated the agenda of last weekend’s spring meeting.

The World Bank’s 186 shareholders agreed to boost the multilateral’s capital by USD86 billion and increase developing nations’ voting power. The bank’s poverty reduction arm, the International Bank for Reconstruction and Development, will see the voting share of developing nations rise by 3.13 percent, to 47.19 percent. At the International Finance Corp., the World Bank’s private-sector unit, that share will increase to 39.48 percent. IMF’s policy steering committee recommended similar changes.

Partnerships were also forged during the Apr. 24-25 meeting. The European Union and U.S. agreed to recommence their development cooperation to tackle the attainment of the Millennium Development Goals and food security, and combat climate change over the next two years. The World Bank also announced a new partnership, dubbed as the eTransform Initiative, with the French and South Korean governments as well as six multinational companies to promote good governance and transparent procurement processes worldwide using information technology.

The U.S. Agency for International Development, U.K. Department for International Development and other donors renewed commitments to back nutrition initiatives, which play an indispensable role in achieving the MDGs on child mortality and maternal health.

About the author

  • 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.