VERDICT: International Financial and Monetary Committee

Oxfam Japan Executive Director Akiko Mera said:

Gold sales profits for low-income country lending

“The news that the IMF will make $1.1 billion in gold sales profits available to low income countries is very welcome. The windfall profits could go a long way towards helping poor countries weather the food price hikes threatening the livelihoods of millions. 

The IMF is also seeking approval from its members to distribute the remaining $2.7 billion of the windfall profits. It would be shameful if this last step weren’t pushed through. There is a moral imperative to support developing nations facing the fallout from Europe’s economic crisis.” 

Quota and governance reforms

“The reform process is not ambitious enough, and the delay is unacceptable. Footdragging on governance reform jeopardizes the IMF’s legitimacy.

This quota reform process will make China the number three at the IMF, a very important move.

But even when this quota reform eventually goes ahead, some emerging markets will lose out.South Africa and Nigeria will actually have a smaller share of the vote after the reform is authorized than they did before – and both of them will still have a smaller vote than Belgium.”