IMF proposes quota increases for China, South Korea, Mexico and Turkey

August 1, 2021 By Admin

Friday, September 1, 2006

The Executive Board of the International Monetary Fund has agreed on a proposal to increase the quotas of China, South Korea, Mexico, and Turkey, the IMF Managing Director Rodrigo de Rato announced. The increases are part of a program of reforms for the organisation, addressing its governance and its macroeconomic monitoring process. The proposals need final approval at the annual meeting scheduled later this month.

Speaking at a press briefing in Washington DC on August 31, Mr. de Rato spoke on the current state of the global economy and outlined the reforms, which include a two-phase reshaping of the quota shares – the proposed increases announced today followed by the development for a new formula to come up with increases for a broader range of members.

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