IMF tends to give greater voice to China and India
International Monetary Fund said he supports the plans to give countries with economies achieved rapid growth rates stronger voice within the structures of the Fund.
Fund and recommended changes allow granting voting power of each member of the International Organization's 185 member based on the size of the member country's economy, reserves and trade.
The United States expressed reservations about the move but said it would support because they represent progress.
But countries poorer and charities said that the plans, which still need to ratify the final adoption did not go far in the reform of decision-making mechanisms within the IMF.
Members of the Fund and discussed these changes for more than a year and set to be stripped of the traditional industrial powers some of its influence, including the United States, Britain, Germany and given to countries with developing economies that have achieved rapid growth rates.
Among the states that will enhance the prestige and power of voting there are China, India and South Korea, Mexico and Brazil.
But under this proposal, some countries such as Saudi Arabia, Egypt, Russia, Iran and Argentina would lose influence and then they each voted against this proposal and others abstained from voting.
It is scheduled to take the International Monetary Fund a final decision on the possibility of adoption of this proposal during the month of April / April."Giant step"Slogan of the International Monetary FundUNFPA says that the proposed reforms aim to reflect the development of fast-growing economies
The Director-General of the Fund, Dominique Strauss - was, "Today's agreement represents a giant step towards the modernization of the Fund and with respect to our efforts to make its structures adapted to the changing realities of the global economy, but this Agreement shall remain in just the first step."
"We're finding a more flexible system with respect to the share of contributing to the International Monetary Fund and the voting power and includes additional changes over time because the relative positions of countries in the ever-changing global economy."
The IMF said that the proposed reforms reflect the formulas simpler and more transparent, as the lifting of some temporary quotas contribute to the fund to better reflect the development of the most dynamic economies in the world.
The executive director of India to the Fund, Adarsh Kishore, said the move did not achieve exactly "what we expected and hoped for and we fought to achieve."
International Monetary Fund said he supports the plans to give countries with economies achieved rapid growth rates stronger voice within the structures of the Fund.
Fund and recommended changes allow granting voting power of each member of the International Organization's 185 member based on the size of the member country's economy, reserves and trade.
The United States expressed reservations about the move but said it would support because they represent progress.
But countries poorer and charities said that the plans, which still need to ratify the final adoption did not go far in the reform of decision-making mechanisms within the IMF.
Members of the Fund and discussed these changes for more than a year and set to be stripped of the traditional industrial powers some of its influence, including the United States, Britain, Germany and given to countries with developing economies that have achieved rapid growth rates.
Among the states that will enhance the prestige and power of voting there are China, India and South Korea, Mexico and Brazil.
But under this proposal, some countries such as Saudi Arabia, Egypt, Russia, Iran and Argentina would lose influence and then they each voted against this proposal and others abstained from voting.
It is scheduled to take the International Monetary Fund a final decision on the possibility of adoption of this proposal during the month of April / April."Giant step"Slogan of the International Monetary FundUNFPA says that the proposed reforms aim to reflect the development of fast-growing economies
The Director-General of the Fund, Dominique Strauss - was, "Today's agreement represents a giant step towards the modernization of the Fund and with respect to our efforts to make its structures adapted to the changing realities of the global economy, but this Agreement shall remain in just the first step."
"We're finding a more flexible system with respect to the share of contributing to the International Monetary Fund and the voting power and includes additional changes over time because the relative positions of countries in the ever-changing global economy."
The IMF said that the proposed reforms reflect the formulas simpler and more transparent, as the lifting of some temporary quotas contribute to the fund to better reflect the development of the most dynamic economies in the world.
The executive director of India to the Fund, Adarsh Kishore, said the move did not achieve exactly "what we expected and hoped for and we fought to achieve."
