The proposal to reform the voting structure of International Monetary Fund (IMF) appeared likely today despite several member countries opposing it.
Rodrigo de Rato, MD, IMF said
I’m hopeful that the fund membership will back the plan.
de Rato is expecting approval of a plan that will boost the voting shares and quotas, or financial commitments, of four countries to reflect their growing importance in the global economy. The countries are:
a) China,
b) South Korea,
c) Turkey and
d) Mexico
Almost all members want reforms that includes some major developing economies. However, India, Brazil and Argentina are opposing the two-part plan for various reasons.
Anyway, while previous IMF annual meetings were eagerly followed by countries in the days of yore, they have become boring non-events with even the media no paying much attention to it. This is because barring some of the poorest nations, the money inflow to most of the developing comes from foreign investments and markets. IMF have actually gradually lost much relevance in the recent years.
Read more on the reform squabble here in Chron.
