The Private secretary of Prime Minister Modi Rajeev Topno was recently appointed as the Senior Advisor to the Executive Director of World Bank. Also, a joint secretary at the Prime Minister Office (PMO) was appointed to the World Trade Organization as an ambassador
Highlights
- Besides these officers, five other officers have been appointed abroad where they will have major role in economic and trade related decisions.
- H Atheli has been appointed as advisor to Executive Director of Asian Development Bank.
Significance
- These appointments are important to India.
- This is because India is currently grappling with economic crisis and the organizations play an important in deciding trade related activities.
Board of Directors
- The World Bank group consists of four separate boards of directors.
- This includes International Bank of Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA) and Multilateral Investment Guarantee Agency (MIGA).
- There are 25 Executive directors in all. They elect their president.
- The president has no voting powers except for the deciding vote of equally divided board.
Voting Powers
- The voting powers of the member countries are based on the number of shares held by them.
- The top eight countries with highest voting powers in the world bank are USA, Japan, China, UK, Germany, France, Canada and India.
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