Selangor Journal
The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. — Picture by REUTERS

G-24 urges IMF to remain quota-based to bolster voices of emerging economies

WASHINGTON, Oct 10 — The International Monetary Fund (IMF) should remain a quota-based organisation which represents developing and emerging markets, a group of 24 states (G-24) said on Tuesday, reported Sputnik.

“G-24 members… reiterated their call for the IMF to remain a quota-based institution to bolster the voice and representation of the emerging markets and developing economies, who now account for a larger share of world GDP,” it said.

The group members expressed their concerns with the progress of the IMF general quota review. They recommended further pursuit of governance reforms aimed at correcting regional underrepresentation of the fund.

G-24 stressed an urgent need to reform the current multinational system to address global challenges. The group called on the international community to reform the IMF short-term financing instruments and take other measures to increase financing for developing countries and provide a durable debt resolution for them.

“Members welcome the United Nations Secretary-General’s Inclusive and Effective Tax Reform agenda and called for a multilateral consensus to drive enduring progress on the initiative as it will foster a more just and balanced international tax system,” the statement said.

G-24 met on the sidelines of the ongoing IMF and World Bank annual meetings in Morocco.

— Bernama

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