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More power for emerging nations at IMF

The International Monetary Fund said on Thursday that its board had approved reforms that will shift more voting power to emerging-market countries such as China.

business Updated: Dec 17, 2010 22:09 IST

The International Monetary Fund said on Thursday that its board had approved reforms that will shift more voting power to emerging-market countries such as China.

“It will result in a shift of more than 6% of quota shares to dynamic emerging market and developing countries and more than 6% from over-represented to under-represented countries,” the IMF said in a statement.

Voting share is important because it gives countries a chance to influence decisions about how money, raised through IMF members, is used.