IMF aims to win over critics in Africa

"OUAGADOUGOU (Reuters) - There were no crowds waving flags on the dusty streets of Ouagadougou, unusually for an African summit, but then many in Africa feel the arrival of the International Monetary Fund is nothing to cheer about."

[Read More:Reuters.com]

FT.com / World - IMF ‘must reform to remain relevant’

"The US stepped up its call for reform of the International Monetary Fund on Monday, calling for a shake-up of its executive board as well as its shareholding structure to give greater weight to emerging economies.

David McCormick, the undersecretary for international affairs at the US Treasury, proposed cutting the number of executive directors from 24 to 20 and eliminating the rule that reserves positions for the US, Japan, Germany, France and Britain. The proposal is likely to result in fewer European directors on the IMF board."

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"In the early phase of the credit crisis, the IMF was largely sidelined by the US and other industrialised nations, which gave the lead role in developing the global regulatory response to the Financial Stability Forum.

However, IMF insiders believe that the Group of Seven leading economies now recognise the importance of giving a more prominent role to the fund, which has a wider global membership and involves finance ministries as well as central bankers and regulators."

[Read More:FT.com]