Reforming IMF should not come at expense of poor: France
Thursday, 18 October 2007
PARIS, Oct 17 (AFP): A reform drive at the International Monetary Fund should not benefit emerging market countries alone at the expense of poorer states, French Finance Minister Christine Lagarde insisted yesterday.
"The poorest countries must not bear the cost of a reorganisation ... carried out in the exclusive interest of emerging market countries," she told a press conference here ahead of week end meetings in Washington of IMF policymakers.
"France wants to see a tripling in the voting rights of African countries first of all."
Incoming IMF Managing Director Dominique Strauss-Kahn has made reforming contributions by member states a priority of his mandate, with the intention of increasing the stature in the institution of emerging and developing countries.
The IMF's financial resources stem mainly from quota subscriptions, which are assigned to each member according to its relative size in the world economy. A member's quota also determines its voting power as well as its access to IMF financing.
"The poorest countries must not bear the cost of a reorganisation ... carried out in the exclusive interest of emerging market countries," she told a press conference here ahead of week end meetings in Washington of IMF policymakers.
"France wants to see a tripling in the voting rights of African countries first of all."
Incoming IMF Managing Director Dominique Strauss-Kahn has made reforming contributions by member states a priority of his mandate, with the intention of increasing the stature in the institution of emerging and developing countries.
The IMF's financial resources stem mainly from quota subscriptions, which are assigned to each member according to its relative size in the world economy. A member's quota also determines its voting power as well as its access to IMF financing.