at the meetings of the IMF and the World Bank

It is a first step in the direction of an improvement in the representation of emerging economies to the international monetary fund. Its Board of Directors decided Thursday, a large majority, to increase the share capital of the IMF Office and their voting rights associated with China, the Mexico, the Turkey and the Korea of the South. The proposal will be presented, officially, at the meetings of the IMF and the World Bank, to Singapore on September 19 and 20, for there be formally endorsed by the Board of Governors.

Implemented, sixty years ago, the current system of voting rights and contributions to the budget of the IMF became obsolete, poorly reflecting the weight of emerging economies in the global economy. The ad hoc increase in the assessments of China, the Mexico, the Turkey and the Korea South, today the four clearly underrepresented countries, will be followed by a deeper reform. Because this slight adjustment in the short-term "will correct only one-third of the very heavy sous-représentations.". "Many other countries are also underrepresented" in the IMF, said Rodrigo Rato, the Director General of the IMF in a press conference.

Thursday, the Board of Directors of the IMF therefore voted a two-year project, intended to develop a new formula for the calculation of contributions of members of the IMF. Labour promises to be particularly difficult, into account in light of the divergent views on the criteria to focus on. One thing is certain: this new formula should be given a greater share in the national wealth created by a country (GDP); This, at the same time to the consideration of more traditional criteria of financial situation. This recast will result to term the Revalorization of the performances of other emerging countries.

Change of statutes

At the same time, to lift the reluctance of the poor, including African countries who feared to be adversely affected for the benefit of the only major emerging countries, the minimum number of voting rights available to all members of the IMF (these basic voting rights are currently 250) will be noted. Their share dropped to 2 of the total voting rights, should be at least doubled and should remain stable even in the capital of the Fund. Unlike the increase of the voting rights just be determined for four countries, this reform will require a change in the statutes of the IMF (and the World Bank) which must be endorsed by the national parliaments of the Member of the Fund.

The United States, principal shareholder of the Fund, rather supporters to link the increase of the weight of China in the IMF to further efforts in Beijing to revalue its currency, "clearly expressed their support to the reform programme", was held to clarify, Thursday, Rodrigo Rato, at a press conference. But to recognize implicitly that most power at the IMF means more responsibility, the Director General of the Fund also called on China to be of "more effective" in the application of the new exchange rate of its currency, the yuan regime.