WORLD BANK

I tell you and you forget, I teach you and you remember, I involve you and you understand.

The Author

 

 

 

 

 

Were you aware that the World Bank has existed since 1945, and that the United States was one of the first to become a member.  Since then there are 187 countries that make up this World Bank.   These countries determine all of our lives.  This is scary in my opinion.  We have delegates that go and run this, vote on how money should be spent etc.

How much input do the people really have?   I never voted nor do I think any of my relatives voted to have a World Bank, yet we do.  Is this alright with you?  Why is it that most Americans and people in other countries do not know anything about it?  By the way: in the 3rd paragraph the word allotted is misspelled.  These are the folks that wrote all this up and they didn’t even have someone check the spelling.  They are running the worlds money.  Am I the only one bothered by this?

Their slogan is they are in existence to “Help Reduce Poverty.”  They have been around since 1945 it is now 2012 and have they done it?

(The World Bank and the IMF have adopted a weighted system of voting. According to IBRD Articles of Agreement, membership in the Bank is open to all members of the IMF. A country applying for membership in the Fund is required to supply data on its economy, which are compared with data from other member countries whose economies are similar in size. A quota is then assigned, equivalent to the country’s subscription to the Fund, and this determines its voting power in the Fund.

Each new member country of the Bank is allotted 250 votes plus one additional vote for each share it holds in the Bank’s capital stock. The quota assigned by the Fund is used to determine the number of shares alloted to each new member country of the Bank.

The World Bank is like a cooperative, made up of 187 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank. Generally, the governors are member countries’ ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.

The governors delegate specific duties to 25 Executive Directors, who work on-site at the Bank. The five largest shareholders, France, Germany, Japan, the United Kingdom and the United States appoint an executive director, while other member countries are represented by 20 elected executive directors.

  • World Bank Group President Robert B. Zoellick chairs meetings of the Boards of Directors and is responsible for overall management of the Bank. The President is selected by the Board of Executive Directors for a five-year, renewable term.
  • The Executive Directors make up the Boards of Directors of the World Bank. They normally meet at least twice a week to oversee the Bank’s business,
  • including approval of loans and guarantees, new policies, the administrative budget, country assistance strategies and borrowing and financial decisions.

The World Bank operates day-to-day under the leadership and direction of the president, management and senior staff, and the vice presidents in charge of regions, sectors, networks and functions.)  All the information in the parentheses is from the links below.

 

 

 

 

http://www.worldbank.org/

http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/0,,pagePK:50004410~piPK:36602~theSitePK:29708,00.html

You can go to these sites and check them out yourself.  This is just a portion of what it is all about you can look in depth on your own.  Let me know your feelings on this World Bank.

By Terry Board

© Burnett Publishing 2012

 

 

 

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