Brazil wants developing countries to have their say and a bigger vote share in the IMF and in the World Bank. According to an article published this Tuesday (8) by the Brazilian newspaper Folha de S. Paulo, that is the government’s main goal for the next G-20 meeting in Pittsburgh, U.S., on September 24th.
Brazil’s official statement, pronounced in the gathering of finance ministers and CB presidents from the world’s 20 top economies in London, defended that emerging nations should play a significantly larger role in economic decisions, “to reflect the changes in the world economy”.
Before the meeting started, Bric countries (Brazil, Russia, India and China) proposed an agreement in which developed nations would give 7% of their share in IMF and 6% of the share they have of the World Bank. Once this was accepted, developing nations would together detain half of the global amount of shares.
Currently, rich countries have 60% of vote both in IMF and in the World Bank. The battle for vote power is the main topic on Brazil’s agenda for the third G-20 meeting in only ten months.