Istanbul - The world's developing countries on Saturday declared themselves unsatisfied with the latest offer by major powers to give them a greater say in global finance institutions. Finance ministers of the so-called Group of 24, a bloc of developing countries, said in a statement that they would not be satisfied until poorer nations had an equal shares of the votes in the International Monetary Fund and World Bank.
Leaders of the world's 20 major economies - known as a separate bloc called the Group of 20 (G20) - pledged at a summit last month to shift voting shares towards developing countries by at least 5 per cent in the IMF and 3 per cent in the World Bank.
That would give developing powers about 48 per cent of the votes in the IMF - compared to 53 per cent for industrial nations - and about 47 per cent in its sister lender the World Bank. Developing countries have long been pushing for 50 per cent in both institutions.
The G24 ministers met in Istanbul on the sidelines of the World Bank and IMF's annual meetings. Finance chiefs from the world's seven major industrial nations (G7) were also meeting Saturday.
