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Contributions from
the Column
Monitor
Tsunami relief: Too much of a good thing
Merits and limts of contract farming
EU sugar regime: Double-edged pledge
Afghanistan’s drug cultivation at a record high
US government agency assesses Millenium Challenge Account
More votes for emerging nations at IMF
Oil: World Bank and Chad reach agreement
Slow progress in fight against desertification
Private sector: Making money in peace
10/2006
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More votes for
emerging nations at IMF
The International Monetary Fund (IMF) has increased the voting rights for China, Mexico, South Korea and Turkey. At the IMF meeting in late September in Singapore, the IMF Board of Governors approved the proposal to do so by IMF director Rodrigo de Rato. The increase is the first step in de Rato’s two-year reform plan to bring in line the voting shares of important emerging nations with their increasing weight in the world economy.
The next stage is to work out a new formula for voting shares in the Fund and to recalculate the quotas of member states. The basic voting rights, which every country has regardless of its economic strength, are also set to increase by 2008. This step should prevent poor members from losing influence when the quotas are recalculated. African countries spoke out against de Rato’s plan before the September meeting, and called for an immediate increase in basic voting rights. (ell)
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