Mexico’s Senate passed a bill today that more than doubles the nation’s contributions to the International Monetary Fund.
With 71 votes in favor, 10 against and 1 abstention, senators approved the initiative to increase Mexico’s contribution by 146 percent to about $14 billion. The bill will now go to Mexico’s lower house.
”The quota increase gives Mexico more influence to make decisions on the board of the International Monetary Fund,” according to a document published today in the parliamentary gazette.
The higher contribution follows changes in quotas agreed to by IMF governors in 2010.
The Washington-based IMF has also been seeking $600 billion from its members to be able to allow an increase in lending resources of $500 billion, to protect the world from consequences of the European debt crisis.