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WASHINGTON, April 16: If developing nations are not given more say in global financial institutions, they will leave the fold of the International Monetary Fund and World Bank, a top Group of 24 official said on Friday.
“The current system of governance is completely out of
line with economic realities,” Ariel Buira, director of the
G24 Secretariat, told a news conference. “What is happening is that many countries are now moving away from these institutions.”
Finance chiefs from the Group of 24 emerging nations also complained the United States did not consult them on the choice of Paul Wolfowitz as new World Bank president.—Reuters
