Developing countries say IMF reforms pace ‘unacceptable’

WASHINGTON, Oct 19, 2007 (AFP) – Developing countries on Friday dismissed the International Monetary Fund’s pace of reforms to increase their voice in the troubled institution as “disappointing and unacceptable.” The Group of 24 developing countries, representing the majority of the IMF’s membership but only an impotent minority in its operations, reiterated its call for a greater voice and democratic representation in the 185-nation Fund.

“A significant redistribution of voting power in favor of emerging market and developing countries as a group should be the overarching objective of the reform,” said the G24, which represents African, Asian and Latin American countries, including powerhouses Nigeria, India and Brazil.

“The proposals tabled to date are disappointing and unacceptable as they fall far short of the reform’s fundamental goals,” they said in a joint statement after a meeting here ahead of this weekend’s IMF and World Bank meetings.

The developing countries’ exasperation comes as the 63-year-old IMF struggles with a reform program launched by outgoing managing director, Rodrigo Rato, who will step down after the meetings nearly two years before his term ends.

His successor, Dominiq