Asian countries seek bigger voice in IMF
Singapore: Increasing the voting shares for developing countries is likely to be a central topic for the International Monetary Fund (IMF) meeting, scheduled to be held in Singapore, as Asian countries, which constitute nearly a quarter of the world's gross domestic product and account for a third of global capital inflows, seek more say in the funds policies.
Asian economies are actively seeking a greater voice in the management of the global agency, with senior Singapore minister Goh Chok Tong saying in an interview that other Asian countries should push for a bigger voice in the IMF, even as the region gains importance within the global economy.

``We have to get others in Asia who think like us to see how we can have a bigger voice in the IMF,'' Goh said in an Aug. 31 interview in Singapore. ``Asia is growing and Asia has become more important in contributing to the global economic growth.''

Currently, the U.S. has the largest share of votes at the fund, with more than 17 per cent, while Japan is second with 6.13 per cent. By comparison, the voting shares of all sub-Saharan African countries total 4.6 per cent of the vote. Singapore holds only 0.4 per cent.

Voting rights at the IMF, which represents 184 countries, are a legacy of the organization's founding in 1945, at the end of World War II. Over the years these rights have been increased to reflect changes in member nations' positions in the global economy, the IMF says on its Web site.

The IMF has already said that it will give China, South Korea, Mexico and Turkey a larger voice at the annual meeting in the next two weeks to match their increasing size. Managing director Rodrigo de Rato told reporters on Sept. 1, that the formula for government representation in the fund was ``unsatisfactory.''

Meanwhile it is likely that India will also oppose any changes in the quotas of developing countries in the IMF, if a report in the Business Standard ( Aug. 31) is anything to go by. The report cited an unidentified official at the finance ministry as saying that India would oppose any changes that will hurt its interests.
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