Discover the World News Forecast . . . FIRST in Foresight Journalism

WASHINGTON DC 20-22 Apr 2012 IMF-World Bank holds Spring meeting
The April joint meetings of the World Bank and International Monetary Fund are the last for Robert Zoellick as WB chief, and the mood o

April 20, 2012 - NULL

WASHINGTON DC 20-22 Apr 2012 IMF-World Bank holds Spring meeting
The April joint meetings of the World Bank and International Monetary Fund are the last for Robert Zoellick as WB chief, and the mood of the meeting could be influenced by the choice of his replacement. The IMF is likely to be grappling with the crisis in the euro zone and pressing China to help replenish the bailout fund from its US $3.2 trillion worth of foreign reserves. The quid pro quo could be greater voting rights for Beijing.

The two institutions created in Bretton Woods after WWII form

WASHINGTON DC 20-22 Apr 2012 IMF-World Bank holds Spring meeting
The April joint meetings of the World Bank and International Monetary Fund are the last for Robert Zoellick as WB chief, and the mood of the meeting could be influenced by the choice of his replacement. The IMF is likely to be grappling with the crisis in the euro zone and pressing China to help replenish the bailout fund from its US $3.2 trillion worth of foreign reserves. The quid pro quo could be greater voting rights for Beijing.

The two institutions created in Bretton Woods after WWII form the backbone of the international financial system. Under an unwritten agreement dating from the founding of the bank, the president of the World Bank has been an American and the president of the IMF has been a European. New bank guidelines adopted in 2011 call for an "open, merit-based and transparent selection" process, but the United States is expected to fight to keep control over the presidency. If it succeeds, the prevailing mood at the meetings could be resentment and anger.

Reuters analyst Wayne Arnold noted in February that some one quarter of China's foreign reserves is held in euro-denominated assets. He points out that an agreement by IMF members in late 2010 to increase voting rights from developing economies left China, representing roughly nine percent of global GDP, with only about six percent of the vote.

About 10,000 people attend IMF/WB meetings officially, and thousands more unofficially. The unofficial thousands usually include anti-globalization and anti-capitalism demonstrators.

The World Bank, made up of two unique development institutions owned by 186 member countries -- the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) -- provides financial and technical assistance to developing countries. The International Monetary Fund (IMF) is an organization of 186 countries that works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty. (WRITTEN FEB 2012)

RELATED READING:

U.S. to Nominate World Bank President Candidate in Coming Weeks (Bloomberg 15 Feb 2012)
http://www.bloomberg.com/news/2012-02-15/u-s-to-nominate-world-bank-president-candidate-in-coming-weeks.html

IMF offers best way for China to save Europe (Reuters 13 Feb 2012)
http://blogs.reuters.com/breakingviews/2012/02/13/imf-offers-best-way-for-china-to-save-europe/

Waiting for the next World Bank president (Foreign Policy 15 Feb 2012
http://shadow.foreignpolicy.com/posts/2012/02/15/waiting_for_the_next_world_bank_president

Greece says has cleared hurdles to bailout (Reuters 15 Feb 2012)
http://www.reuters.com/article/2012/02/15/greece-idUSL5E8DF01W20120215

Emerging economies granted greater voice at World Bank (DWW/AFP 25 Apr 2010)
http://www.dw-world.de/dw/article/0,,5504672,00.html

World Bank secretariat
http://www.worldbank.org/

IMF secretariat
http://www.imf.org/external/index.htm

Date written/update: 2012-04-20