World Bank Spring Meetings Increase Developing Country Voice
The International Monetary Fund (IMF) and World Bank Group Spring Meetings, held in Washington DC from 24-25 April 2010, increased voting power in the International Bank for Reconstruction and Development (IBRD) for developing and transition countries by 3.13%, bringing it to a total of 47.19%, and also agreed to continue working towards equitable voting power while protecting the voting power of the smallest poor countries. Within the International Finance Corporation (IFC), voting power for developing and transition nations reached 39.48%. The Development Committee Communiqué also highlighted that only five years from the Millennium Development Goals deadline, efforts must intensify to reach the poor. The Committee also adopted a transformative agenda in the Synthesis Paper-New World, New World Bank Group, to guide action in the coming years.
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