The Intergovernmental Group of 24 (G-24) developing c ountries have called on the International Monetary Fund (IMF) to make an “ambitious” realignment of its quota shares towar ds emerging markets and developing countries.
The G-24 ministers made the call in a statement issued on Saturday in Washington DC, US, at the IMF/World Bank Spring meetings.
They stressed that, “there should be an ambitious realignment in quota shares to wards the emerging markets and developing countries (EMDCs), since the IMF’s legitimacy, relevance and effectiveness depend centrall y on redressing the imbalance in voice and representation”.
The G-24 also reiterated its call for a shift of 7 per cent in quota shares from developed to developing countries.
“While such a shift should primarily benefit dynamic EMDCs, it must not come at the expense of other developing countries. The voting power of low-income countries, in particular, should be protected,” the group sa id.
They also reiterated its appeal that the heads of the IMF and the World Bank mus t be chosen “solely on the basis of an open, transparent, merit-based process without regard to nationality beginning with the next electi ons”.
The G-24, a charter of the developing countries’ coalition G77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues.
The group also ensures that their interests are adequately represented in negoti ations on international monetary matters.