IMF gives himself six months to repair his system
IMF gives himself six months to repair his system
01/29/2015 10:47 GMT
Agencies – Select International Monetary Fund for himself, on Wednesday, has until June to get around opposition from the United States to repair restores balance to the enterprise business system in favor of emerging countries. The implementation of this reform, which provides for doubling the Permanent Fund resources and the redistribution of representation, collide in more than two years to reject the US Congress concluded.
This raises the dilemma facing criticism from many quarters, particularly China, a growing discontent in the ranks of the International Monetary Fund, which is feared to undermine the legitimacy of the eyes of the emerging economic powers.
He announced the Board of Directors, in a statement, that he had asked the supreme body in the organization that Member States Al188 proposal includes a “transition plan” by June 30. It is assumed that this plan will allow the achievement of “significant progress” in the direction of strengthening the representativeness of the Fund, which is currently dominated by Americans and Europeans.
Less than 4% of the voting rights does not have China, the second economic power in the world, at the moment within the Administrative Board of the Fund, barely more than Italy, despite the fact that the Italian economy is five times smaller than the Chinese economy.
Fund stressed, in his statement, that this alternative plan should “not resolved” fundamental reform, which replaced approval remains “absolute priority”. However, he is not certain to be approved by the US Congress on reform, though President Barack Obama’s administration to defend him, the Republican opponents who controlled both houses of Congress in the November elections still oppose it.
Fund acknowledged that “there is considerable ambiguity about the knowledge that the (reform) will enter into force in the near future.”
He pointed out that the statement did delay other reforms within the International Monetary Fund aimed at giving more weight to emerging countries.
The statement said that “General Review of Quotas,” which is set on a state of permanent value their contributions and rights vote was postponed once again after it was supposed to start in January 2014, and it is scheduled to be launched in December.
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