Notes of the meeting
Shareholder governments have agreed an $86.2 billion boost to the capital that guarantees the lending of the International Bank for Reconstruction and Development (IBRD, the World Bank's middle-income country lending arm).
An in-depth analysis of the latest round of World Bank reforms shows they delivered significantly less than proclaimed, while IMF governance reforms, slated to conclude in January 2011, are proceeding slowly and promising only minor changes.
The IMF needs to fundamentally rethink its role, and return closer to its original purpose, focussing on three key areas: reform of the international monetary system; surveillance over the policies of systemically important countries; and providing rapid access, conditionality-free finance to countries facing crisis.
The World Bank will continue to be overwhelmingly dominated by rich countries, which stunts its legitimacy and limits its capacity to serve the interests of developing countries.
Coverage of the communiqu
World Bank event at the World Bank spring meetings 2010, 22 April
In March, the UK Department for International Development (DFID) released its second annual report reviewing its work with the Bank and setting priorities for 2010.
In February, Zhu Min, former vice president of the People's Bank of China, was appointed as a special advisor to IMF managing director, Dominique Strauss-Kahn. Speculation that Strauss-Kahn is to leave in order to stand for the French presidency is rife.
Small shifts in voting power at the World Bank are expected to be formally agreed at April's spring meetings, leaving high-income countries holding almost 60 per cent of the vote, with further reform put off until 2015. Meanwhile the Bank is expected to receive a smaller capital increase than it sought, which could push lending back to pre-crisis levels.