Zoellick Pushes for Power Shift Discussions in World Bank-IMF Spring Meetings

Global financial chiefs should set aside their differences and try to address the issue of shifting voting powers within the World Bank during their weekend meeting in Washington, Robert Zoellick said, according to Reuters.

Developed countries are currently engaged in tough talks over the power shift issues, which would give emerging economies a bigger voice at the World Bank while reducing the clout of several advanced economies, Reuters notes.

It is time to accept that the world economy is changing and that the developing countries are now the ones driving global economic growth, Zoellick said during a press briefing ahead of the World Bank and International Monetary Fund’s meetings this weekend.

“Discussions have been ongoing for months and are continuing among shareholders this week,” he noted, as quoted by Reuters. “I hope shareholders can bridge their differences and take this historic step.”

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.