IMF and World Bank: Appointment Procedures — Question

Part of the debate – in the House of Lords at 3:21 pm on 1st December 2010.

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Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury 3:21 pm, 1st December 2010

My Lords, I said at the outset that the improvements to the processes for appointing the heads of these organisations must be part of wider reform packages for the entire governance of the IMF and the World Bank. Progress is being made on that in the quota shares, the voting arrangements and the governance arrangements. Equally, it is critical that, under the new arrangements, the four BRIC countries are in the top 10 voting and quota share countries, so we will have a much better balance in both voting and representation. It is equally important that the UK remains a top five member and that we retain our board seat.