IMF Gives Developing Nations a Bigger Role
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The International Monetary Fund yesterday got the nod from the majority of its 184 members to pursue reforms that will immediately give greater influence within the fund to China, Mexico, South Korea and Turkey and pave the way for developing nations to get a bigger voice.
The IMF said the changes were approved by holders of 90.6% of votes, above a required threshold of 85%.
The Washington-based fund, long criticized as being a tool of America and the world’s other most highly developed nations, will grant a greater role and quotas to the four nations and in a second stage of reforms, will embark on a wider-spread re-jigging of quotas.
“These reforms are the first step in a process that will increase the representation of many emerging market countries to reflect their increased weight in the global economy,” IMF Managing Director Rodrigo de Rato said in prepared remarks.
