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| Sunday, 17 April 2005 |
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Developing countries under-represented at World Bank, IMF WASHINGTON, Saturday (AFP) Finance ministers from developing countries complained here Friday that their governments are under-represented at the leadership level of the World Bank and the IMF and expressed disappointment that no progress has been made in overcoming a "democratic deficit." While they did not cite right-wing US defense official Paul Wolfowitz by name, ministers from the Group of 24 said in statement they extend the new president of the World Bank "a warm welcome ... and look forward to a productive working relationship." Wolfowitz, an ardent supporter of the US war in Iraq, has been selected by the World Bank executive board to replace James Wolfensohn on June 1. The ministers also expressed "appreciation for the valuable service" provided by Wolfensohn, particularly "his effort to make poverty reduction the focus of the Bank's operations." The G-24, when it last met here in October, chastised the Bank and the Fund for what it said had been a failure to accord greater decision-making power to poor countries and urged that Wolfensohn's replacement be chosen irrespective of nationality. Wolfensohn's successor however is a man chosen by US President George W. Bush and his appointment conforms to a long-standing tradition according to which the head of the IMF goes to a European and the presidency of the World Bank to an American. "The role of small and low-income countries in the decision-making process (of the Bank and the Fund) is extremely limited," the G-24 said Friday, a day before the policymaking bodies of the two institutions are to meet here. "Ministers stress the need for concrete actions to reduce the democratic deficit and enhance the voice and participation of developing countries in decision-making at the IMF and the World Bank ... |
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