13 December 2018

China urges bigger say for emerging markets in IMF, Reuters says

China has called on member nations of the International Monetary Fund to stick to a commitment to give emerging markets more power at the global lender after US lawmakers set back historic reforms that would give developing countries a greater say in the institution, Reuters reported Wednesday. The remarks by foreign ministry spokesman Hong Lei were an indirect criticism of the United States, the biggest and most powerful IMF member, where lawmakers failed on Monday to agree on funding measures needed for the reforms to move forward, although Hong did not mention the US by name, according to the news agency. The reforms would make China the IMF’s third-largest member and revamp the IMF board to reduce the dominance of Western Europe and give nations such as Brazil and India greater say to reflect their growing economic heft, the report said. “The IMF quotas reform is an important decision made by the organization,” Hong was quoted as saying at a regular news conference in Beijing. “The relevant organization’s members should earnestly implement the decision, and honor and enhance the voice and representation of developing countries within the IMF.”

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