IMF set to up quota share

IMF set to up quota share

The move is will make IMF more representative and better abled to tackle the economic problems facing the global economy.

International Monetary Fund Managing Director Dominique Strauss-Kahn Strauss-Kahn at a news conference said the aim is for a shift in quota share to dynamic emerging market and developing countries by least five per cent from over-represented to under-represented countries by January 2011.

At a joint news conference with Youssef Boutros-Ghali, the Egyptian Finance Minister, who is also the head of the International Monetary and Financial Committee, Strauss-Kahn said that he expected IMF members to agree in either days or weeks on needed reform of the institution. “We are still not there, but not far off. Still some divergent views, but I am used to this. I think we are on the right track,”  he said. “The quota review should ensure a forward looking realignment of quota shares. The burden of the quota shift to dynamic emerging markets and developing countries have to be borne primarily by advanced economies and I reiterate my call for a shift of 5-6 per cent in quota share from advanced countries to developing countries,” Finance Minister Pranab Mukherjee had said addressing the two-day meet.

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