World Bank Zoellick: Urges Role For 'G186' Tied To G20.
"World Bank President Robert Zoellick Tuesday hailed the emergence of the G20 as the world's premier economic policy forum, but insisted that his organization represented a 'G186' that should have strong ties with the G20. 'Bretton Woods is being overhauled before our eyes,' he said in a speech to the board of governors of the World Bank, which has 186 member countries and which with the International Monetary Fund (IMF) is holding its annual meeting in Istanbul. 'This time... it will have more participants.'..." [Dow Jones/Factiva]
Xinhua adds that "...the Bank's shareholders should go beyond the currently agreed reforms that would increase the voting share of developing countries to at least 47 percent and give a 50 percent share for developing countries, said Zoellick.... 'If developing countries are part of the solution, they must also be part of the conversation,' he said.
'The old international economic order was struggling to keep up with change before the crisis. Today's upheaval has revealed the stark gaps and compelling needs,' he said. 'It is time we caught up and move ahead.'..." [Xinhua/Factiva]
