Source · Select Committees · International Development Committee
Recommendation 10
10
Accepted
Explore better representation for SIDS on World Bank and IMF boards
Recommendation
Therefore, in addition to using its own influence within international financial institutions to advocate for reforms that benefit SIDS, the UK Government should also explore how SIDS might be better represented on the World Bank and IMF boards, potentially using the Green Climate Fund’s governance structure as a guide. (Paragraph 36) Loss and damage
Government Response Summary
The government agrees and states it will continue to champion greater voice for the lowest income and most vulnerable countries, including SIDS, on the World Bank and IMF Boards.
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.