The World Bank, after observing China’s economic growth and rapid development, has given it an increase in the voting power, just behind the US and Japan. By giving it this privilege, and lifting it above other powers from the west and Europe, emerging countries are now questioning the bank, how it is operating and using its money.
China’s voting stake has increased to 4.42% from 2.78%, with US being on the top by having a stake of 15.85%. The President of the bank, Robert Zoelick said, that the concept and thinking of the Third World should now be considered as history, as emerging countries are are moving towards a multi-polar economy, which includes countries like China, India, Brazil and Russia.
Talking about the banks policy-setting Development Plans, he told that the emerging countries are the main and critical sources of demand for economic recovery. But the one promise was broken last year relating to protect the voice of poor countries, which included 47 of central African countries, out which one third have lost their share and only one country succeeded in getting it.