Sri Lanka among groups against IMF reforms

SINGAPORE, September 18, 2006 (LBO) – Sri Lanka was one of the 23 countries that opposed a plan to overhaul the voting shares of the International Monetary Fund. Voting rights or access to funds are determined on member’s economic growth, openness to trade, the amount of reserves they hold and the volatility of each economy. Sources here said member countries against the reform two-stage reform package included: Sri Lanka, Argentina, Egypt, India, Maldives, Iran, Chile Bolivia, Brazil, Colombia, Comoros, Dominican Republic, Ecuador, Haiti, Oman, Panama, Paraguay, Peru, Qatar, Uruguay, Venezuela, Yemen and Trinidad and Tobago.

The blueprint plan to overhaul the IMF, however, got the backing of 90.6 percent of the 184-member states, when voting ended here.

IMF Managing Director, Rodrigo de Rato said the reforms were vital for the institution’s future.

“They will enhance our effectiveness and add legitimacy to all of the other reforms that we are implementing. There is much work to do, but this vote is a great start.”

Four countries – China, South Korea, Mexico and Turkey – will now get greater say in the IMF, reflecting their growing econo