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IMF makes no change in shareholding, voting power distribution
Washington, Aug 30: The International Monetary Fund has said it had made no changes in the organisation`s quotas, or voting shares, of its 184 member countries despite considerable sentiment for reform.
Washington, Aug 30: The International Monetary Fund has said it had made no changes in the organisation's quotas, or voting shares, of its 184 member countries despite
considerable sentiment for reform.
The quotas are the shares held by the member countries
and correlate as well to the weight in votes at the imf and
the organisation's budget. These quotas are based on the
economic output of the various countries.
An IMF statement yesterday said there was "broad
support ...For a formula that is simpler and more transparent
than the traditional formulas."
In addition to economic output, the statement said, many members saw a need to include factors such as capital flow and reserves, but that data from many members does not exist.
"A number of directors considered ... The need for a political decision by the membership to secure quota shares that would strengthen the representation of developing countries in the fund .. A few other directors called for a better representation of transition countries in the fund." But the statement said, "The required majority does not exist" to reform the structure of the IMF.
Under the current IMF structure, the United States holds 17.16 per cent of the voting shares, followed by Japan (6.16 per cent) and Germany (6.02 per cent). Britain and France each hold 4.97 per cent.
The remaining shares are divided among 19 administrators that represent blocs of countries. For example, the administrator for africa holds a 1.16 per cent share.
Bureau Report
In addition to economic output, the statement said, many members saw a need to include factors such as capital flow and reserves, but that data from many members does not exist.
"A number of directors considered ... The need for a political decision by the membership to secure quota shares that would strengthen the representation of developing countries in the fund .. A few other directors called for a better representation of transition countries in the fund." But the statement said, "The required majority does not exist" to reform the structure of the IMF.
Under the current IMF structure, the United States holds 17.16 per cent of the voting shares, followed by Japan (6.16 per cent) and Germany (6.02 per cent). Britain and France each hold 4.97 per cent.
The remaining shares are divided among 19 administrators that represent blocs of countries. For example, the administrator for africa holds a 1.16 per cent share.
Bureau Report