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IMF board approves landmark reforms: IMF chief
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| Published：2010.11.06 News Sources：chinadaily Views： |
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The Board of Executive Directors of the International Monetary Fund (IMF) has approved landmark reforms, including shifting quota or voting power from advanced economies to emerging and developing countries, said IMF managing Director Dominique Strauss-Kahn on Friday.
"The reforms have been fully adopted by the board," said the IMF chief at a press conference held in Washington, "We will shift a rather big amount of quota or voting power from advanced economies to the dynamic emerging economies."
He said that more than 6 percent of the IMF quota will be shifted. After this reform, China will become the third biggest member in the Washington-based international organization.
This is a very important step of the representation and legitimacy of the IMF, Strauss-Kahn said. He said that the IMF reform has taken a lot of energy and time in the past year, "I am very happy that it has been solved."
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