April 27, 2010 08:50
Korea has moved up six places from 22nd to 16th in voting power among members of the World Bank in the latest overhaul based on the size of their contributions.
That means a bigger say in the World Bank's distribution of its annual economic assistance budget to developing nations worth US$44 billion and its management process.
In a session of the World Bank steering committee in Washington on Sunday, member countries agreed to shift 3.13 percent in voting power to developing nations over the next five years.
The shift will increase the votes of developing countries from 44.06 percent to 47.19 percent.
As a result, the votes of Korea, classified as a developing nation by bank standards, will increase from 0.99 percent to 1.57 percent.
The World Bank has divided its 186 member countries into 24 groups based on their geographical proximity and economic power. Outdistancing Australia, Korea will have the highest voting power in a group of 13 nations, including Australia, New Zealand, Cambodia, and Mongolia.
China, a leading newly emerging economy, will also have much more clout, moving from sixth with 2.77 percent of voting power to third with 4.42 percent, following the U.S. (15.9 percent) and Japan (6.84 percent).
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