No consensus at IMF-World Bank meet

The annual meeting of World Bank and IMF failed to arrive at a consensus in giving more powers to developing countries in decision-making besides increasing aid flow for reducing poverty.

At the end of the three-day annual meet, IMF Managing Director Rodrigo Rato and World Bank President James Wolfensohn told a press conference that ‘‘there is no consensus yet on three issues of vital importance to developing countries.’’ All these issues require political consensus, which was lacking, they said. The third issue pertains to trade, especially providing increased market access to developing countries. Rato, however, said it was essential that ‘‘we continue to

find ways to guarantee that the voices of all our member governments are heard.’’

— (PTI)