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IMF urges completion of 2010 voice reform by October

05-04-2012 04:16 BJT

WASHINGTON, May 3 (Xinhua) -- The International Monetary Fund ( IMF) on Thursday pressed its membership to complete the 2010 quota and governance reform in an expeditious manner to better mirror the changing global economic landscape.

The Group of 20 (G20) and the entire Fund membership have been clear in their commitment in reforming the Fund's quota and governance, to a large extent embodied by the 2010 voice reform in a bid to better reflect the changing weight of the leading emerging economies in the global economy, IMF chief spokesman Gerry Rice said at a regular press briefing.

"We need acceptance by a large majority of members to implement that reform," Rice told reporters, adding that the IMF called on its members to complete the necessary steps as expeditiously as possible during the Spring Meetings of the IMF and its sister agency World Bank in April.

The G20 has urged that progress be made on this reform package by the Annual Meetings of the IMF and World Bank this October in Tokyo, he noted.

Experts held that the United States, the IMF's largest shareholder, was the biggest roadblock to completing the 2010 quota and governance reform due to objection of some Republican lawmakers.

Discussions for the next round of quota formula for the Washington-based global lender should be concluded by January 2013 and the next general review of quotas, the 15th General Review, should be completed by January 2014, he added.

The IMF normally adopts a general review of its quotas about every five years. The 2010 quota and governance reform package included a proposed reform to bring a more representative, all- elected executive board, doubling the IMF's quotas and a shift in quotas to dynamic emerging economies and developing countries.

 

Editor:Zhang Pengfei |Source: Xinhua

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