Disagreement on changes to voting over greater clout
Source: Bloomberg News |
October 10, 2012, Wednesday
|
Print Edition
Print Edition
THE International Monetary Fund failed to agree at its annual meeting changes to voting that would give emerging economies greater clout at the institution, vowing to have a deal in place by January.
Member countries "expressed a wide range of views on how the quota formula can be improved," the Washington-based fund said in a statement in Tokyo yesterday, where it is holding its annual meeting. Meeting the January deadline will "require constructive engagement and a spirit of flexibility and compromise from all sides," it said.
Emerging nations such as China and South Korea want the voting formula to better reflect the size of their economies and contributions to the IMF's resources. The disagreements center on how to measure the economic importance of each country, and come amid failure to ratify a separate overhaul agreed in 2010.
The IMF's quotas determine how much members may borrow and their voting power.
Members agreed in 2010 to shift voting rights to developing economies, setting up China to become the third-strongest member, from sixth place now. Countries such as South Korea and Turkey would also gain power under the deal, while Belgium and Germany lose clout.
Member countries "expressed a wide range of views on how the quota formula can be improved," the Washington-based fund said in a statement in Tokyo yesterday, where it is holding its annual meeting. Meeting the January deadline will "require constructive engagement and a spirit of flexibility and compromise from all sides," it said.
Emerging nations such as China and South Korea want the voting formula to better reflect the size of their economies and contributions to the IMF's resources. The disagreements center on how to measure the economic importance of each country, and come amid failure to ratify a separate overhaul agreed in 2010.
The IMF's quotas determine how much members may borrow and their voting power.
Members agreed in 2010 to shift voting rights to developing economies, setting up China to become the third-strongest member, from sixth place now. Countries such as South Korea and Turkey would also gain power under the deal, while Belgium and Germany lose clout.
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