IMF Lacks Votes to Double Resources, Boost Emerging Markets
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The International Monetary Fund said today it lacks the necessary votes to implement a 2010 decision to double its permanent resources and boost the voting power of emerging markets.
As of Dec. 12, members agreeing to the increase in so-called quotas, which determine nations’ voting rights and access to funding, accounted for 36 percent of total quotas, compared with the 70 percent required for the measure to pass, according to an IMF staff report released today. A related measure on executive-board seats obtained 30 percent of member votes, compared with the 85 percent required.