The International Monetary Fund on Friday cautiously backed plans to redistribute voting power among its 185 member countries, with some emerging and developing economies gaining more influence and others losing, according to Reuters.
The IMF board recommended the changes to its full membership for a final vote next month. The move would boost the voting shares of emerging economic powers China, India, Brazil, Mexico, South Korea. At the same time, it would reduce that of others like Russia, Egypt, Saudi Arabia, Venezuela, Argentina, Chile and South Africa.
IMF Managing Director Dominique Strauss-Kahn said the agreement was a major step forward to rebalance the votingpower from over-represented countries to under-representedones, although he acknowledged it was not perfect. "The process goes in a good direction ... and it is an improvement in the legitimacy of the fund but it is not enough, absolutely not, but it is an improvement," said the official.
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