India demands much greater voice for developing nations in World Bank

Americas, Tue, 14 Oct 2008 IANS Washington, Oct 14 (IANS) India has demanded 'substantial and effective enhancement' of the voice of developing and transition countries (DTCs) in the World Bank Group, saying a proposal approved by global financial leaders failed to live up to promises. The proposal approved at a meeting Sunday of a key panel of International Monetary Fund (IMF) and the Word Bank 'on the important dimension of 'Voice as voting power and shareholding' has failed to live up to the promises made at the Spring Meeting of 2008,' Finance Minister P. Chidambaram stated Monday. 'While in the interest of consensus, we agreed to the proposals at the Development Committee yesterday, we believe that the efforts now to be made on realignment must lead to substantial and effective enhancement of the individual as well as... [read full story]