Romania increases voting rights in IBRD and IFC

At IBRD, Romania's voting rights has been increased frtom 0.27% to 0.31% and from 0.12% to 0.19% at IFC. Both at the International Bank for Reconstruction and Development and International Financial Corporation, the increase in voting rights is made based on selective capital increase processes.

The Board of Governors, on which the Minister of Public Finances, Sebastian Vladescu holds a seat, has decided to increase the voting power of developing and transition countries by 3.13% in IBRD and by 6.07% in IFC up to an aggregate 47.19% and 39.48% of the total voting rights in IBRD and IFC.

The voting rights reform is primarily aimed at boosting the voting power of developing and transition countries by at least 3% of the voting rights in line with the Development Committee commitment in Istanbul in October 2009. The reform process is also linked to the revision process of IBRD and IFC's financial capacity, both institutions needing fresh new capital to meet IBRD's development, structural reform and poverty reduction goals and IFC's objectives of developing the private sector.

IBRD and IFC member states agreed on a paid-in capital increase of $5.1 billion for IBRD (a general capital increase of $3.5 billion and $1.6 billion selective capital increase linked to the change in voting powers) and $200 million capital increase for IFC through issuing a hybrid bond to shareholding countries and through retaining earnings.

The delegation from Romania headed by the Minister of Public Finance Sebastian Vladescu, had a round of talks with the management of IMF, IBRD and IFC on the schedule of IMF, WB and EC missions at Bucharest in the coming period.

On April 27 - May 7, an IMF mission will visit Bucharest to assess the economic performance and reforms agreed with the Romanian government unde the aid deal.

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