		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/mps-call-for-world-bank-shakeup.jpg"><img class="alignnone size-full" title="The report called for a successor to current World Bank president Robert Zoellick to be selected through a 'more merit-based process'" src="http://londonglossy.com/wp-content/uploads/2011/03/min-mps-call-for-world-bank-shakeup.jpg" alt="The report called for a successor to current World Bank president Robert Zoellick to be selected through a 'more merit-based process'"/></a></p>
<p>The World Bank is in &#8220;desperate&#8221; need of reform, which should include ending the arrangement under which its president always comes from the US, a parliamentary report has said.</p>
<p>The House of Commons International Development Committee said it was time to end the 65-year-old &#8220;gentlemen&#8217;s agreement&#8221; which reserves the top job at the World Bank for an American and the managing directorship of the International Monetary Fund (IMF) for a European.</p>
<p>The cross-party committee said Britain should back calls for reform of voting power at the World Bank to give a greater voice to the developing countries which receive grants and loans from the international body.</p>
<p>But it added that the UK &#8211; as the World Bank&#8217;s second-largest donor, with a total of almost £2.7 billion (4.35 billion US dollars) committed to its 50 billion dollar development drive over the next three years &#8211; should &#8220;retain sufficient influence&#8221; after any reforms.</p>
<p>The report voiced concern about the World Bank&#8217;s handling of projects in developing countries funded by its multi-billion pound grants and loans, warning that it was &#8220;unacceptable&#8221; if progress towards the UN&#8217;s Millennium Development Goals was &#8220;delayed, sometimes for years, through inefficiencies in the bank&#8217;s approach or lack of administrative capacity in a country&#8221;.</p>
<p>The committee cautiously welcomed the Department for International Development&#8217;s announcement in December of increased contributions to the World Bank development programme, but it called for greater Parliamentary scrutiny of its spending and warned in a new report that the bank must be reformed.</p>
<p>The MPs called for a &#8220;more open and merit-based process&#8221; for selecting a successor to current president Robert Zoellick; a more equitable allocation of voting shares for developing countries; a stronger bank watchdog; greater priority for girls&#8217; education; and more support for renewable energy&#8221;.</p>
<p>Committee chairman Malcolm Bruce said: &#8220;It is right for the UK to be putting more money into World Bank aid programmes, but the institution desperately needs reforming. The UK should use its clout as the second-largest donor to the World Bank aid programme to demand it becomes fairer and more open and accountable.</p>
<p>&#8220;We would also like to see more aid focused on meeting Millennium Development Goals on girls&#8217; education and greater efforts made to promote low carbon forms of energy.</p>
<p>&#8220;The Government must give MPs the chance to fully debate the key decisions taken by the bank given the large sums of money being donated by Britain.&#8221;</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68edc1ce95106">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68edc1ce95106',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
