International Monetary Fund (IMF) director general Rodrigo Rato on Monday expressed the organizations commitment to triple (tredoble) the voting rights of African nations in the organization.
At IMFs inception African countries had 11,2 percent of voting rights but their share has fallen to two percent. The rights are calculated on the basis of financial contributions. African countries have demanded a reform of IMF working rules to include factors such as population and economic development in the calculation of voting rights.
In a joint statement, members of the African Group said that “the reform has two equally important objectives – to make significant progress in realigning quota shares with members relative positions in the world economy and to enhance the participation and voice of low-income countries in the IMF”.
Kilde: www.worldbank.org
