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Vol 51 No 21

Published 22nd October 2010

As power shifts eastwards, Africa boosts its stake

The new seat for Africa on the World Bank's board is a step forward - gaining more clout at the IMF is the next challenge

Africa has won its first big victory in the ongoing reform of the international financial institutions in Washington by securing a third seat on the Executive Board of the World Bank. Both the Bank and the International Monetary Fund have been under intense pressure since the West's financial crisis of 2008 to cede more shareholdings and votes to developing economies, especially those in Asia. However, Africa's 53 states remain the least well represented on the boards of both Bank and IMF.

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