Its time to agree changes in governance of international financial institutions, says WCC

"The nature of the current leadership change at the World Bank is a timely reminder of the need for reform in how international financial institutions are governed," World Council of Churches (WCC) acting general secretary Dr William Temu said today, in reaction to news of the resignation of World Bank president Paul Wolfowitz.

Temu's comment follows:

"The nature of the current leadership change at the World Bank is a timely reminder of the need for reform in how international financial institutions are governed. The democratic deficit in the selection of key leaders must be redressed. Reforms that ensure a greater representation and more effective voice for the developing countries must be set in place now. Future leaders should be chosen not with out-dated procedures but with rules that more closely reflect the international common good.

This concern is one of the issues of accountability and transparency raised in discussions between the World Council of Churches, the World Bank and the International Monetary Fund in recent years."

Additional information on the discussions between the WCC and the WB and the IMF is available at:

www2.wcc-coe.org/PressReleases_en.nsf/IMF-WB