IMF quota reform gets nod in Singapore
| Author | Sheila Meehan |
| Position | IMF External Relations Department |
| Pages | 273-277 |
Page 273
At an Annual Meetings dominated by reform, the IMF won resounding support for what Managing Director Rodrigo de Rato termed "tremendously important" proposals to better align members' quotas with changes in the world economy and to protect the participation and voice of low-income countries. Also receiving strong backing were elements of the IMF's medium-term strategy, including sharpened surveillance and a possible new liquidity instrument.
Page 275
At the recently concluded IMF-World Bank Annual Meetings in Singapore, the IMF won overwhelming endorsement of a package of measures designed to better align members' quotas with changes in the world economy and to protect the participation and voice of its low-income members. IMF Managing Director Rodrigo de Rato told the world's top financial leaders that these governance reforms "are tremendously important for the future of our institution.
They will enhance our effectiveness and add legitimacy to all of the other reforms that we are implementing."
The IMF also received strong support from its policy advisory group-the International Monetary and Finance Committee (IMFC)-for other key elements of its mediumterm strategy, including sharpened economic surveillance, a possible new liquidity instrument for emerging market members, and a renewed push to help low-income countries reach the 2015 Millennium Development Goals, foremost among them cutting poverty in half from its 1990 level.
The meetings took place amid a global economic environment that continues to demonstrate remarkable resilience but is increasingly surrounded by uncertainties, according to the IMF's latest World Economic Outlook (WEO) (see page 281).
The stalled Doha Round trade talks prompted deep concern and gave rise to broader questions about whether the world's commitment to multilateralism may be faltering in the face of rising economic nationalism.
The Annual Meetings were attended by the world's central bankers and finance ministers, along with thousands of othersfrom the news media, the financial sector, the private sector, and civil society organizations (CSOs). For the first few days of the meetings, tensions surrounded the Singapore government's decision to refuse entry to some CSO representatives who had been accredited by the IMF and the World Bank.
After strong protests from the heads of the two organizations, the Singapore government agreed to allow most of the representatives in question to attend. But for many of them, this was too little too late, and their boycott of many CSO events held fast. Even so, about 250 CSO representatives did register and attend events, giving some of them-especially those from Asia-a first chance to engage with the Fund and the Bank.
When votes were tallied on September 18, the Resolution on...
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