Source · Select Committees · International Development Committee
Recommendation 9
9
Accepted
Paragraph: 36
UK positioned to advocate for SIDS' representation on World Bank and IMF boards
Conclusion
As a major shareholder of the World Bank and IMF, the UK is well-placed to take the lead in advocating for governance reforms that secure better representation for SIDS on these bodies. While this Committee recognises that better board representation would not guarantee that SIDS would enjoy seamless access to finance, it would at least ensure that their voices are heard when decisions on how to allocate finance are being made.
Government Response Summary
The government agrees it is championing the priorities of vulnerable countries, including SIDS, at international financial institutions and will continue to champion greater voice for them on the World Bank and IMF Boards.
Paragraph Reference:
36
Government Response
Accepted
HM Government
Accepted
Agree 16. The UK is championing the priorities of vulnerable countries, including SIDS, at the International Finance Institutions. The UK is working through international finance institutions to ensure they are responsive to the needs of those most vulnerable countries. This includes supporting system reform to reduce the barriers that vulnerable countries face in accessing essential finance, encouraging tailoring of MDB systems to work for their unique contexts and needs, and pioneering innovative tools to strengthen debt sustainability, such as Climate Resilient Debt Clauses. The UK will continue to champion greater voice for the lowest income and most vulnerable countries on the World Bank and IMF Boards – alongside longstanding support for the African and Caribbean Banks where countries from those regions own more than 55% of the shares.