IMF backs shift in voting power

[Political Heretic]

Source: BBC News

The International Monetary Fund (IMF) has backed plans to redistribute voting power in the organisation. It has recommended changes which would base the power of each of the IMF's 185 member countries on the size of their economy, reserves and trade.

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IMF members have spent more than a year negotiating the changes - which would move some sway away from traditional industrial powers including the US, the UK and Germany - to the faster-growing emerging and developing economies.

China, India, South Korea, Mexico and Brazil are among those that will see their voting power increase.

However, under the proposal the likes of Saudi Arabia, Egypt, Russia, Iran and Argentina would lose influence and all five countries either voted against the plans or abstained from voting.



Read more: http://news.bbc.co.uk/2/hi/business/7319718.stm

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This is the kind of stuff that we should be following. The IMF and World Bank - what kind of relationship will the next president pursue with these groups?