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The IMF's Board of Governors on April 28 adopted by a large margin far-reaching reforms of the institution's quota and voting share structure. The reforms will enhance the participation and voice of emerging market and developing countries, as well as realign members' shares with their relative weight and role in the global economy.
"This vote shows the overwhelming level of support across the Fund's membership for these reforms, and I thank the members for this resounding endorsement," said IMF Managing Director Dominique Strauss-Kahn. "With a voting turnout of 97.8 percent of member countries, and with 94.6 percent of the members approving these reforms, I see this result as the beginning of the new legitimacy of the Fund."
The reform package will increase the voting shares of more than two-thirds of the 185 member countries. It will also enhance the voice and participation of low-income countries through a tripling of basic votes-the first such increase since the Fund's creation in 1944-and will enable each of the two Executive Directors representing African constituencies to appoint an additional Alternate Director.
High intermediation costs among banks in southeastern Europe are hampering economic development in the region, an IMF study shows. For these banks, the costs of intermediation-that is, transforming deposits from one set of customers into loans for another-need to be lowered more rapidly toward industrial country levels.
Governments can help reduce financial intermediation costs by changing the business environment through institution building and by exposing banks to greater competition, the IMF says.
The IMF announced in late April that it had completed the voluntary separations phase of its organizational restructuring begun several months ago. The results will enable the institution to achieve its principal objectives: to maximize reliance on a voluntary, rather than mandatory, separation process and to better align its staff profile with its future business needs.
As part of the restructuring, IMF Managing Director...
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