Caricomblog.com - CARICOM news, info and features » Caribbean wants IMF reforms
“The Caribbean has called for agreement on a package of reforms to the structure of the International Monetary Fund (IMF) quota and voting power, stating that this is key in a rapidly-changing global economy. Speaking on behalf of 10 Caribbean Community (CARICOM)-member states along with Ireland and Canada during the IMF’s Monetary and Financial Committee’s 16th Meeting here, Canada’s Finance Minister James Michael Flaherty said progress in this area is ‘essential to strengthening the legitimacy of the IMF as a cooperative international monetary institution.’”
Flaherty, who advocated the views of Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Jamaica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines, also said this would be the” foundation for progress on the wide range of initiatives that comprise the IMF’s Medium-Term Strategy.”
“Important progress has, indeed, been made in recent months,” he said, pointing out that the named countries have already agreed on the overall objectives of quota reform. He said this is to increase the voting share of developing countries, particularly dynamic economies, and to increase the voting share of Poverty Reduction and Growth Facility countries.
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