Zhou urges IMF to quicken quota shift
Source: Xinhua |
April 26, 2010, Monday
|
Print Edition
Print Edition
CHINA'S central bank chief has called for the International Monetary Fund to accelerate its process to shift its quota to emerging markets and developing countries.
"The quota structure is the core issue in Fund governance. The severe under-representation of emerging markets and developing countries in the IMF seriously affects the Fund's legitimacy and effectiveness, and must be promptly corrected," said Zhou Xiaochuan, governor of the People's Bank of China, at the spring meeting of the IMF and the World Bank in Washington.
The Group of 20 Pittsburgh Summit in September called for a shift of at least 5 percentage points, and protection of the voting rights of the poorest countries before January 2011.
But the quota adjustment process is slow. The previous quota reform, which was already approved by the IMF's steering committee in 2008, has not been completed until now.
Zhou said that the IMF is a quota-based institution, and quotas should be its primary resource.
However, the quota of developing countries in the IMF is under-represented.
"We expect the review to leave no member's quota share severely misaligned," Zhou said.
He emphasized that quota adjustment and reform is not a zero-sum game.
"The quota structure is the core issue in Fund governance. The severe under-representation of emerging markets and developing countries in the IMF seriously affects the Fund's legitimacy and effectiveness, and must be promptly corrected," said Zhou Xiaochuan, governor of the People's Bank of China, at the spring meeting of the IMF and the World Bank in Washington.
The Group of 20 Pittsburgh Summit in September called for a shift of at least 5 percentage points, and protection of the voting rights of the poorest countries before January 2011.
But the quota adjustment process is slow. The previous quota reform, which was already approved by the IMF's steering committee in 2008, has not been completed until now.
Zhou said that the IMF is a quota-based institution, and quotas should be its primary resource.
However, the quota of developing countries in the IMF is under-represented.
"We expect the review to leave no member's quota share severely misaligned," Zhou said.
He emphasized that quota adjustment and reform is not a zero-sum game.
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