On Thursday, the head of the International Monetary Fund, Christine Lagarde, urged members to approve an agreement reached last year that would double the funds available to the global organization and give currently under-represented nations like China increased voting power, Reuters reported.
If approved, the plan would make China the international lender’s third-largest member of the IMF:
The IMF said Lagarde “called on members to use their best efforts to make the 2010 reform package effective before the 2012 annual meetings.” The meetings take place in Tokyo in mid-October.
An IMF staff paper said “efforts to meet the 2012 deadline should not be spared.”
As of December 12, just 53 countries, holding 36 percent of total IMF quotas, had approved the increases. Approval by members holding about 70 percent of quotas is needed to implement the changes. Some countries require their legislatures to authorize the changes.
Lagarde’s push for approval of the measures comes as the Euro-zone crisis underscored the shift in global economic power away from traditional post-war leaders and and popular opposition to the government in China appeared to demonstrate the internal challenges faced by the world’s fastest growing large economy.
- Either Berlusconi Or Lagarde Is Lying About What Happened Between The IMF And Italy (businessinsider.com)
- IMF Chief Lagarde Pushes the Panic Button (247wallst.com)
- VIDEO: IMF chief warns of ‘lost decade’ (bbc.co.uk)
- No country will be spared, says IMF head Christine Lagarde | The Australian (livingstrongandhappy.blogspot.com)
- IMF chief Christine Lagarde warns that global economic outlook is ‘gloomy’ (telegraph.co.uk)