"The package includes a series of 'other elements' clearly aimed at securing the support of the most influential emerging countries, such as China, India and Brazil, in boosting the voting rights accrued under the new quota formula.
The reform measures, however, remain largely inadequate, experts said.
'The proposed reforms fall far short in addressing the challenges facing the IMF in its evolution toward a truly global institution with more balanced and inclusive representation and voting power,' eight influential experts based in Washington said in a joint letter Wednesday to the IMF executive board.
They asked the board to reject the 'inadequate' package at its meeting Friday."
[Read More:AFP]
Thursday, March 27, 2008
IMF board to weigh controversial voting reform plan
Foreign Wealth Funds Defend U.S. Investments
"Muhammad al-Jasser of the Saudi Arabian Monetary Agency, which is forming a fund that may exceed $900 billion to become the world's largest, has said that 'it's like the sovereign wealth funds are guilty until proven innocent.' Sultan Ahmed bin Sulayem, head of Dubai World, which manages a $8 billion sovereign wealth fund, has warned critics in Western countries that if their money is not welcome, there are plenty of other places to invest."
Read More:washingtonpost.com:]
Academics urge countries to reject IMF vote formula
"WASHINGTON, March 27 (Reuters) - A group of influential Washington-based academics have urged IMF member countries in a letter to vote against a proposed new voting formula, arguing it falls far short of what is needed to give emerging and developing nations a bigger voice in the institution."
[Read More:Reuters]
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