Wednesday, August 22, 2007

IMF Will Triple African Countries' Voting Rights

International Monetary Fund director general Rodrigo Rato has promised to triple the voting rights of African member states after acknowledging that their existing voting rights were inadequate. "We are conscious of the fact that current voting rights of African countries are insufficient and not representative enough", Rato said, adding that there was a possibility of appointing an African deputy director general. Although the African nations once enjoyed 11.2 percent of voting rights, their share has plummeted to a mere 2 percent over recent years. African countries have been protesting against calculating these rights according to financial contributions alone, and have implored the IMF to consider other factors, such as population and economic development. (Source: IMF promises to triple voting rights of African nations/AFP)


Anonymous Anonymous said...

How about noting that the reason Africa's voting dropped from 11% to 2% is that the rest of the world has had more economic development, and hence donates more to the IMF. In other words, the Bretton Woods' institutions failures to improve quality of life in Africa, have led to Africa losing voting rights in the Bretton Woods instititions! 6% ain't much--but it's a good start.

8:51 PM  

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