Indian PMO secretaries to hold key positions in WTO, World Bank

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.

Month: Current Affairs - June, 2020