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.
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" 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.
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"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.

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"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.
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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

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