Leaders from G-20 nations are discussing a US-backed plan to give emerging markets, including China, more power at the World Bank, Bloomberg reported. Talks at the summit in Pittsburgh included a proposal to boost developing economies’ voting rights at the World Bank by 3 percentage points. The argument in favor of growing nations such as China having greater influence in international bodies including the World Bank and International Monetary Fund has grown since the onset of the economic downturn. A shift toward emerging countries at the IMF and the World Bank is "the right thing to do and it’s going to happen," US Treasury Secretary Timothy Geithner said. "What we’re trying to do is have it happen in a way that’s going to be sensible for the institutions." China currenly has a 3.7% voting share on IMF executive board decisions.
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