SINGAPORE, September 18, 2006 (LBO) – Civil society groups Sunday slammed IMFs plan to overhaul its governance structure, saying they mean very little to poor countries. The Washington based Fund’s policymakers backed the 61-year old International Monetary Fund’s reform agenda today, giving more voting power or influence to fast growing economies of China, Turkey, South Korea and Mexico.
The reforms come in two stages: First, China, South Korea, Mexico and Turkey get a one-off increase in their voting rights.
The second stage involves an overhaul of the formula to calculate voting rights, followed by a second round of hikes for developing countries.
There will also be an increase in basic votes, which are the votes given to all countries irrespective of ec