The IMF’s 2010 quota and governance reforms have finally become effective and will give emerging markets like BRICS more power and greater say at the lender of last resort. “The conditions for implementing the International Monetary Fund’s 14th General Quota Review, which delivers historic and far-reaching changes to the governance and permanent capital of the Fund, have now been satisfied,” the IMF said in a statement. China will have the third largest IMF quota and voting share after the United States and Japan, and India, Brazil and Russia will also be among the top 10 members of the IMF. The reforms were approved by the IMF’s Board of Governors in 2010. US foot-dragging on reforms to the institution had blocked changes meant to give more voting power to BRICS and other emerging economies, frustrating countries around the world. These reforms will double the IMF’s quota resources and reallocate the quota. That meant reducing the role of advanced European countries and Gulf states, and increasing that of emerging nations, particularly China.
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