World Bank's James Wolfensohn, right, with Algeria's Finance Minister Abdelatif Benachenhou

Ministers from the Group of 24 (G24) developing countries made their statement in Washington, where the world's finance ministers are gathered.

They expressed disappointment and concern at the lack of progress in re-allocating IMF votes in their favour.

And they said the US's current account deficit took funds from poorer nations.

The deficit has to be financed by borrowing from the rest of the world - money which the developing countries argue gets siphoned away from them.

Their statement came ahead of the annual meeting of International Monetary Fund and World Bank policymakers, which starts on Saturday.

'Transparent process'

The ministers voiced "strong disappointment and concern that, after two-and-a-half years, no progress has been made on the issues of increasing basic votes and revising the quotas of developing countries in the IMF".

Demands by the developing countries for a greater role within the IMF and the World Bank could intensify next June when the current term of World Bank President James Wolfensohn ends.

The G24 ministers said if Mr Wolfensohn did not seek another five-year term, there should be "a transparent selection process (to choose a successor), with a view to attracting the best candidates regardless of nationality".

By tradition, the top post in the World Bank is reserved for an American while the job of IMF managing director goes to a European.

However, despite the continued G24 protests, richer countries feel they should have greater influence because they put up more of the money.