Bahamas PM to chair IMF, World Bank boards

Bahamas Prime Minister Hubert Ingraham has been selected to chair the Board of Governors of the International Monetary Fund (IMF) and World Bank Group (WBG).

As the chair of the 2011 meetings, Ingraham will be a "primary channel of communication" between the executives of the institutions and the shareholder countries, according to a statement from the Bahamas government.

Joint Committee

It said that in addition to chairing the Boards of Governors, Ingraham will also chair a standing committee, known as the Joint Committee on the Remuneration of Executive Directors and their Alternates.

"This committee addresses sensitive issues concerning the compensation and benefits of executive directors and their alternates," the statement said.

Ingraham will also chair the Joint Procedures Committee, which is responsible for finalising the preparations for annual meetings, including matters like setting agenda items and resolutions to be voted on, for example.

The chairmanship of the Boards of Governors, a group made up of the designated representatives of the shareholder countries, has as its primary function the job of chairing the annual meeting of the IMF and WBG, the statement said.

The chairmanship of the Board of Governors of the IMF and the WBG rotates among the five main regions of Africa, Asia-Pacific, Europe, the Middle East and the Western Hemisphere.

The World Bank and IMF annual meetings bring together central bankers, ministers of finance and development, private-sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

- CMC