What Is the Issue? The International Monetary Fund (IMF, the Fund) is the multilateral organization focused on the international monetary system. In December 2010, the United States and the other 187 IMF member countries agreed to a reform package that addresses two major concerns about the institution: (1) that the representation of emerging and developing economies at the IMF does not reflect their contribution to the global economy; and (2) that the size of the IMF’s financial resources has not kept pace with increased economic activity in the global economy. The reform package would double the IMF’s general resources and update the governance structure to increase the IMF member contributions (known as quota) and voting power of developing and emerging market economies, and reduce the total voting power of European countries and reduce Europe’s representation on the IMF’s Executive Board, its main governing body.
Date of Report: March 26, 2014
Number of Pages: 2
Order Number: IF00015
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