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US isolated, BRICS to get greater voting power at IMF

Published: December 14, 2014
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Source: The BRIC Post

Lagarde said the IMF is disappointed with the US inaction to ratify the governance and quota reforms and will now move forward without Washington.

“The IMF’s membership has been calling on and was expecting the United States to approve the IMF’s 2010 Quota and Governance Reforms by year-end. Adoption of the reforms remains critical to strengthen the Fund’s credibility, legitimacy, and effectiveness, and to ensure it has sufficient permanent resources to meet its members’needs,” Lagarde said in a statement.

“I have now been informed by the U.S. Administration that the reforms are not included in the budget legislation currently before the U.S. Congress. I have expressed my disappointment to the U.S authorities and hope that they continue to work toward speedy ratification,” she said.

“As requested by our membership, we will now proceed to discuss alternative options for advancing quota and governance reforms and ensuring that the Fund has adequate resources, starting with an Executive Board meeting in January 2015,” she added.

Earlier in September this year, in her opening address at the United Nations General Assembly, Brazilian President Dilma Rousseff warned that international financial institutions are in danger of losing legitimacy if developing countries like BRICS are not given proper representation.

“It is also imperative to eliminate the disparity between the growing importance of developing countries in the global economy and their insufficient representation and participation in the decision-making processes of international financial institutions, such as the Monetary Fund and the World Bank. The delay in the expansion of voting rights of developing countries in these institutions is unacceptable,” Rousseff said.

“These institutions are in danger of losing legitimacy and efficiency,” she added.

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