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China moves up to sixth place after IMF quota revamp

Our Banking Bureau
7 September 2006

Mumbai: China will have the sixth largest quota (voting power) at the International Monetary Fund once an IMF proposal to give emerging economies greater say at the global lending body takes effect.

The IMF board had backed an overhaul of the voting system at the Washington-based institution, increasing the quotas of China, South Korea, Turkey and Mexico in the process. IMF said such a change would better reflect their position in the world economy.

The proposal has to be ratified at the meeting of IMF's board of governors during the annual IMF-World Bank meeting in Singapore next week.

The amendments would put China at No6 position among the 184 member countries, up from its eighth position now.

The voting rights or quotas of member countries are determined on the basis of the amount of money they contribute to the IMF.

China's quota in the IMF will be raised to 3.719 per cent from the current 2.980 per cent; South Korea's quota would go up to 1.346 per cent from 0.764 per cent while Mexico's quota will be increased to 1.449 per cent from the current 1.210 per cent. Turkey's quota will also go up to 0.548 per cent from 0.451 percent.

The IMF board is working on a new formula for a further round ofsend this article to a friend quota adjustments for more countries. Major emerging countries from the Middle East, Asia and Latin America are opposed to the IMF voting reform package.

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China moves up to sixth place after IMF quota revamp