In late August India’s central bank chief told a meeting of bankers in Sri Lanka that the voting structure of international funding agencies should be changed to reflect the economic strengths of developing nations. Reserve Bank of India Governor Bimal Jalan said agencies such as the International Monetary Fund (IMF) and the World Bank should give adequate representation to the developing world.
“It is one of the ironies of the last 40 years that although developing countries have grown much faster than the developed countries … their actual voting power has tended to decline,” Jalan said.
Without equal partnership between developed and developing countries he warned that international financial co-operation may be ineffective.
