Who does the World Bank report to?
Accountability.
The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues.
As of 2022, the World Bank is run by a president and 25 executive directors, as well as 29 various vice presidents. IBRD and IDA have 189 and 174 member countries, respectively. The U.S., Japan, China, Germany and the U.K. have the most voting power.
The PRA regulates banks (deposit takers), insurers and large investment firms (i.e., investment banks) for prudential purposes, including in relation to regulatory capital requirements.
| India | Indonesia | Iraq |
| Jamaica | Jordan | Kenya |
| Kosovo | Kyrgyz Republic | Lebanon |
| Lesotho | Liberia | Malawi |
| Maldives | Mali | Mauritius |
In other words, the United States has more formal power than any other state in all the agencies of oversight and management of the IMF and the World Bank. In the executive boards of each of the Bank and the Fund all members are represented but not all are directly represented and nor do they enjoy equal voting power.
The Russian Federation joined the World Bank after the collapse of the Soviet Union, which led to the formation of a new state and economy as a constitutional republic. The federation joined the World Bank on June 16, 1992.
As the only World Bank shareholder that retains veto power over changes in the Bank's structure, the United States plays a unique role in influencing and shaping development priorities.
India takes the top spot. Its $39.7bn debt towards the WB recorded at the end of 2021 is double that of the next biggest debtor, Indonesia, with $19.6bn. Pakistan and Bangladesh follow with $18.3bn and $17.8bn, respectively, according to WB figures.
Who decides World Bank President?
The President of the World Bank Group serves as Chairman of the Board, and is selected by the Executive Directors. The President is the presiding officer, and ordinarily has no vote except a deciding vote in case of an equally divided Board.
The World Bank Group has four Boards of Executive Directors representing the four institutions of the World Bank Group: International Bank for Reconstruction and Development (IBRD), International Development Agency (IDA), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA).
World Bank Group Timeline
The agreement with the United Nations is initially approved by the World Bank's Board of Governors in September 1947 and then by the United Nations General Assembly on November 15, 1947. The agreement identifies the Bank as a specialized agency as defined by the Charter of the United Nations.
Lack of Transparency and Accountability: The World Bank has also been criticized for its lack of transparency and accountability. Critics argue that the Bank has not been transparent in its decision-making processes, and that it has not adequately engaged with civil society and other stakeholders in its operations.
The estimated total pay range for a President at The World Bank is $190K–$354K per year, which includes base salary and additional pay. The average President base salary at The World Bank is $200K per year.
1) Switzerland. It is no surprise to see Switzerland on this list. Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.
| Country/territory | US foreign-owned debt (January 2023) |
|---|---|
| Japan | $1,104,400,000,000 |
| China | $859,400,000,000 |
| United Kingdom | $668,300,000,000 |
| Belgium | $331,100,000,000 |
The old Doing Business, which was cited widely from boardrooms to classrooms, was canceled after accusations that bank staff gave China preferential treatment in the report's annual country rankings. Governments were also juking their own stats to get a higher spot in the list of business-friendly countries.
The United States has the largest financial commitment to the IBRD, accounting for 16.69% of total IBRD resources. U.S. paid-in capital is $3.5 billion and U.S. callable capital is $47.8 billion.
Together with four affiliated agencies created between 1957 and 1988, the IBRD is part of the World Bank Group. The group's headquarters are in Washington, D.C. It is an international organization owned by member governments; although it makes profits, they are used to support continued efforts in poverty reduction.
Where is World Bank located?
Headquartered in Washington, D.C., the bank is the largest source of financial assistance to developing countries.
The partnership between China and the World Bank began on December 27, 1945, when it joined the organization.
The Central Bank of Russia is a member of the BIS. The Bank of Russia owns a 57.58% stake in Sberbank, the country's leading commercial bank. The Bank of Russia owns as well 100% stake in Russian National Reinsurance Company (RNRC), biggest national reinsurance company.
The United States had almost all the attributes of a great power—it stood ahead or nearly ahead of almost all other countries in terms of population, geographic size and location on two oceans, economic resources, and military potential. Foreign policy had to change to meet these new circ*mstances.
The World Bank supports investments in countries that underpin long-term growth and that help to meet the needs of their citizens. We work with policy makers to develop markets, institutions, and economies that are stable, equitable, and efficient.
