Developing Countries Dig in on IMF Quota

Manila Bulletin, September 26, 2005 | Go to article overview

Developing Countries Dig in on IMF Quota


WASHINGTON, Sept. 24 (Reuters)-Developing countries piled pressure on the world's industrial powers on Friday to give them more say in the running of global lenders as a Davidand-Goliath rivalry heated up on the eve of the twice yearly World Bank and International Monetary Fund meetings.

The meetings in Washington - an semi-annual gathering of world finance ministers and central bankers - looked set to devolve into political sparring between powerful and less influential nations over two issues: voting shares in the IMF and a stalled debt relief deal for impoverished countries.

The Group of 24 developing nations of Asia, Latin America and Africa called for more progress in adjusting the voting shares, or quotas, in the institutions to better reflect their growing clout in the world economy.

"The under-representation of developing countries continues to undermine the credibility and legitimacy of the Bretton Woods Institutions, which hinders effectiveness and relevance of these institutions," the G-24 said in a joint communique ahead of the meetings, which start on Saturday.

While there is increasing acceptance of the idea of allowing developing nations more say in the institutions, the question remains - which powerful member countries should give up some of their voting power.

The United States said on Friday it supported a change in voting shares, but insisted it would not be the one to offer up some of its power.

"The quotas for many fast-growing market countries are much smaller than the IMF's own calculations would suggest they should be," US Treasury Under Secretary Tim Adams told a conference.

He said the United States would not seek an increase in its own quota share but would also not accept any decrease in the next review of quotas in 2008.

Ariel Buira, director of the G-24 Secretariat, said developing countries had become frustrated at the slow progress in resolving the issue. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Developing Countries Dig in on IMF Quota
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.