WASHINGTON, Sept. 11 (Xinhua) -- The International Monetary Fund (IMF) Managing Director Christine Lagarde on Tuesday urged its member countries to speed up the approval process of the agreed governance and quota reforms to enhance the IMF's effectiveness.
The executive board of the IMF on Monday reviewed progress toward implementation of the 2010 Governance and Quota Reform Package, the 188-member global lender said in a statement.
As of Sept. 10, 124 members having 73.38 percent of Fund quotas have consented to their proposed quota increases under the 14th General Review of Quotas. As of the same date, 105 members having 66.14 percent of the total voting power have accepted the proposed amendment to reform the Fund's executive board, added the IMF.
"I welcome the significant progress thus far toward implementing these important quota and governance reforms, and urge remaining countries to complete the necessary steps quickly," said Lagarde.
The IMF Board of Governors approved a quota and governance reform package on Dec. 15, 2010. The package included a doubling of IMF quotas and a shift in quotas to dynamic emerging markets and under-represented countries, and a proposed amendment to reform the executive board that would facilitate a move to a more representative and all-elected executive board.
For the quota increases under the 14th General Review of Quotas to become effective, two conditions need to be met.
First, the entry into force of the proposed amendment to reform the executive board, which requires acceptance by three-fifths of members having 85 percent of the Fund's total voting power; second, the consent to the quota increase under the review of quotas by members having not less than 70 percent of total quotas as of Nov. 5, 2010.