Netherlands will not give up IMF and World Bank seats
The Netherlands is not prepared to give up its permament seats on the boards of the International Monetary Fund (IMF) and the World Bank. The US secretary of the treasury, Timothy Geithner, has said he wants to reduce the number of seats from 24 to 20, which would bring it in line with the G20, the group of the twenty largest economies which has lately been gaining importance over the G7. Emerging economies and developing countries want a bigger voice in the IMF and the World Bank in order to reflect the changes in the world economy. Geithner has also proposed giving emerging nations more voting shares.
Dutch development minister Bert Koenders suggested over the weekend giving equal voting power shares to countries who pay for development aid and those who receive the aid from the World Bank. But he said there could be no question of the Netherlands giving up its board seats. The Netherlands is an important donor country, Koenders said, and it also represents the interests of several other countries, including Moldavia and Israel, at the World Bank and the IMF.
Deputy finance minister Jan Kees de Jager said he doesn't see the point of the discussion. "We are a relevant country if you look at our economic weight, our exports and direct foreign investments and the size of our financial sector," he said.
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