S. Korea's voting rights at World Bank need to be expanded: official

SEOUL, Oct. 4 (Yonhap) -- South Korea has asked for greater voting rights at the
World Bank to reflect the country's economic size, the government said Sunday.
The Ministry of Strategy and Finance said its head, Yoon Jeung-hyun, called for
an expanded presence in the global organization at the World Bank-International
Monetary Fund's annual meeting being held in Turkey.
"The minister pointed out to World Bank President Robert Zoellick that South
Korea has been 'undervalued' in the organization, and there is a need to adjust
this," a ministry official here said. Yoon met with Zoellick on the sidelines of
the annual meeting Saturday.
Yoon also made clear Seoul's commitment to play an active role as the
organization moves to increase its capital and operational fund size, the
official said.
"Zoellick responded that there is a need to better reflect voting rights so it is
commensurate with level of participation at the World Bank and expressed
appreciation for Seoul's plans to provide more funds," the official said.
Seoul pledged to provide 9.5 billion won worth of funds to help countries
suffering from food shortages and help stabilize hard-pressed economies. In
addition, it will invest in two World Bank funds to help poor African countries.
The move comes in the wake of the G20 meeting held in Pittsburgh last month, when
participants agreed to readjust their stakes in global financial organizations.
South Korea currently ranks fourth among Asian economies after Japan, China and
India.
yonngong@yna.co.kr
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