IMF Expands Board For Africa
At the IMF’s groundbreaking meetings in Marrakech, Morocco, history was made as member nations united to strengthen the global lender’s resources and empower sub-Saharan Africa with an additional seat on its executive board.
The discussion in Marrakech, which marked the first time the IMF and World Bank met on African soil since 1973, zeroed in on vital objectives. Enhancing the IMF’s quota resources and ensuring a more substantial African presence within the institution stood at the forefront of these negotiations.
During a press conference, Spanish Economy Minister Nadia Calvino,chair of the IMF Financial Committee, confirmed a significant consensus on increasing quotas by the year’s end. Theses quotas, closely tied to a nation’s economic size, dictate their financial contributions to the IMF, voting authority, and maximum loan allowances.
Both IMF Chief Kristalina Georgieva and World Bank President Ajah Banga leveraged the week-long gatherings to call on members to escalate funding. The aim is to better support countries grappling with poverty and the far-reaching impact of climate change.
Georgieva expressed her elation at the accord on quotas, emphasizing the need to bolster the fund’s financial strength to respond effectively to future shocks. When queried about changes in voting shares, Georgieva affirmed that the membership had determined it as the next step, with a clear plan and pathway forthcoming.
“Long-standing issue: China’s voting share, IMF quota revision needed.”
“IMF expanded its executed board, giving Africa an extra seat, Georgieva praised members for solidarity.”
The decision made in Marrakech reflect a commitment to enhance the IMF’s global impact and ensure more equitable representation on the international stage.
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