World Bank President Robert Zoellick called Tuesday for a bigger voice for developing countries by giving them half of the voting rights in the 186-member Bank, urging the institution must reform to catch up with changing international economic order.
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 in a speech at an annual meeting of the Board of Governors of the Bank in the Turkish city Istanbul.
The political economy of the 21st century demanded a changed order that reflects the growing role of developing countries, which are now a source of potential economic growth that could lead to a more balanced world economy, he told the meeting.
"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."
The World Bank is pursuing ambitious reforms that would focus on improving development effectiveness, promoting accountability and good governance, and continuing to increase cost efficiency, he said.
In the 80th meeting of the Development Committee jointly held by boards of governors of the World Bank and the International Monetary Fund (IMF) here Monday, central bank governors and finance ministers reaffirmed Monday their commitment to reforms to increase the voting share of developing countries by at least 3 percent in the World Bank and reach an agreement by 2010 Spring.
The 2009 annual meetings of the IMF and the World Bank opened here Tuesday./.