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IMF must improve representation for developing countries: FM spokesman

English.news.cn   2014-01-15 18:18:05

BEIJING, Jan 15 (Xinhua) -- Members of the International Monetary Fund (IMF) should increase the profile of developing countries in the organization, a Chinese Foreign Ministry spokesman said on Wednesday.

The IMF's board of governors approved a quota and governance reform package on Dec. 15, 2010 which included doubling IMF quotas and a shift in quotas to dynamic emerging markets and under represented countries. A proposed amendment to reform the executive board would facilitate a move to a more representative, wholly elected board.

The U.S. Congress on Monday ignored President Barack Obama's 2010 funding plan for the IMF. Since the U.S. is the IMF's largest shareholder with power of veto, its rejection of the funding plan could leave the 188-nation group without resources while blocking an increase in voting power for China and other emerging markets.

Noting that quota reform is important for the IMF, spokesman Hong Lei said at a regular press briefing that IMF members should implement the plan and raise the voice of developing countries in the organization.

Editor: Fu Peng
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