Proposed IMF Seat Would Combine Some Emerging Economies

Belgium, the Netherlands and Luxembourg are considering forming a constituent group in the council of the International Monetary Fund in combination with several emerging economies, according to an e-mailed statement from the office of Belgian Finance Minister Steven Vanackere.

The new group would include, in addition to the three Benelux countries, Ukraine, Israel, Romania, Bulgaria, Bosnia and Herzegovina, Cyprus, Georgia, Moldova, Armenia, Macedonia and Montenegro, according to the statement.

The move follows a decision made by the IMF at the end of 2010 for developed countries on the council to give up some of their voting rights in favor of emerging economies and countries in the process of development, according to the statement.

“The countries concerned hope to have the new constituent in place by the end of the year,” according to the statement.

To contact the reporter on this story: John Simpson in Toronto at jsimpson12@bloomberg.net

To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net