World Bank and International Monetary Fund Open Spring Meetings in Washington
19 April 2012
International Monetary Fund chief Christine Lagarde speaks to reporters at the IMF and World Bank Group spring meetings
This is the VOA Special English Economics Report.
Representatives of the International Monetary Fund and the World Bank have gathered in Washington. World Bank President Robert Zoelick spoke to them on Thursday. This is the last time he attends the Spring Meetings of the two organizations as World Bank President. Earlier this week, Jim Yong Kim was officially chosen as the bank’s twelfth President.
Mister Zoellick said developing countries are now engines of growth. “Developing countries have provided two thirds of global growth over the past five years,” he said. But he added that many developing nations still face big problems. He said all members need to work together better “for their common interest.”
The United States traditionally chooses the World Bank head and Europe chooses the IMF chief. But developing nations want more influence.
The World Bank is a development agency. The IMF supports monetary cooperation and provides loans.
IMF chief Christine Lagarde announced Thursday that her group has received promises of over three hundred twenty billion dollars. The money would help nations in trouble. She also said developing nations, what are called the emerging markets, needed to do more.
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