The International Monetary Fund said on Saturday in Marrakech, Morocco, that member nations of the international lender have decided to increase their contributions to the organization and to grant Africa a third seat on its Executive Board.
IMF representatives pleaded with their members to increase contributions to the organizations so they may better aid governments in the battle against poverty and climate change.
We agree that pursuing our climate and digital goals will help to promote equitable and sustainable growth. We continue to provide initiatives to address debt vulnerabilities our full support. Nadia Calvino, chair of the IMFC, said, “We welcomed the closing of the financing deficit of the Poverty Reduction and Growth Trust to continue serving the most vulnerable members.
The annual sessions of the IMF and World Bank, which conclude on Sunday, listed these points among their stated goals.
The distribution of quotas now favors the mature economies, mainly the European nations, at the expense of the big emerging nations, including China and India, who have been urging system reform for years.
However, despite claiming to be in principle open to the notion, Western nations are genuinely opposed out of concern that China’s influence within the IMF will grow.
“It is time for solidarity. But solidarity, when there is so much tension, is hard to build. And yet we have succeeded to do so. We are finishing our meetings with four objectives we have set up for ourselves before the meetings, all achieved” concluded Kristalina Georgieva, IMF Managing Director.
The IMF has agreed to increase its Board from 24 to 25 members, despite the fact that the distribution of votes has not altered, in order to give Africa, which currently holds two seats, a third.
For the first time since 1973, the sessions are taking place on the continent of Africa.