REPUBLIKA.CO.ID, WASHINGTON - G20 countries urged International Monetary Fund (IMF) to ratify the 2010 IMF Quota and Governance Reform. G20 explained that completing the ongoing reforms of IMF governance was indispensable for enhancing its credibility, legitimacy, and effectiveness.

''We support the IMF executive board's decisions to integrate the process of reaching a final agreement on new quota formula,'' stated the G20 finance ministers and central bank governors amid the Spring Meeting IMF-World Bank in Washington DC on Friday as reported by Elba Damhuri from Republika.

G20 reaffirmed their previous commitment that the distribution of quotas based on the formula should better reflect the relative weights of IMF members in the world economy. They empashized that current conditions had changed substantially in the view of strong GDP growth in dynamic emerging market and developing countries.

G20 stressed the importance of protecting the voice and representation of the IMF poorest members. G20 also said that they remained committed, together with the whole IMF members, to agree on the quota formula and complete the 15th Genereal Quota Review by January 2014 as agreed at the Seoul Summit and reiterated in Cannes and Los Cabos.

On December 15, 2010, the Board of Governors, IMF’s highest decision-making body, approved a package of far-reaching reforms of the Fund’s quotas and governance, completing the 14th General Review of Quotas. Once the reform package is approved, member countries will ratify and implement it.

Ikuti Whatsapp Channel Republika