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04-25-2012, 10:31 AM #1
A number of countries” not approving IMF quota reform: PranabFinance Minister Pranab Mukherjee laid the blame squarely at the feet of “a number of countries” for holding up the progress of quota reform within the International Monetary Fund, hinting that there may in fact be a steep hill to climb before multilateral consensus emerges to give BRICS a greater voice in the Bretton Woods institution.
Addressing media in a final briefing before boarding a flight back to New Delhi, Mr. Mukherjee said that when the 2010 commitments to undertake quota reform at the IMF were recently reviewed, “it was found that the decision has not yet been approved by a number of countries.”
Regarding the percentage of votes required to get the process moving forward, the Minister said there was a shortfall of close to 15-16 per cent, although 53.7 per cent of the votes have been received.
Explaining that for quota reform 70 per cent of the votes were required and for reform of the Board of the IMF 85 per cent was required, he said, “I suggested that those countries that have not yet ratified the decisions, they should do so.”...being a human...
04-25-2012, 12:42 PM #2