G24 at the IMF-World Bank annual meeting

Oxfam spokesperson Elizabeth Stuart said:

On reform of the IMF:

“Emerging markets are right to be deeply frustrated at the pace of change. IMF governance reforms are moving far too slowly. Emerging markets have stuck to their part of the bargain by giving the IMF the firepower it asked for, yet they’re still being denied their rightful place at the table. This reform is too little, and it’s late.”

“The US needs to ratify this agreement as quickly as possible. Further delay is unacceptable.”

“If the IMF’s governance deficit isn’t fixed, its legitimacy is going to be in question. BRICS countries are already considering a liquidity mechanism as an alternative to the IMF, and who can blame them?”

Note to editors:

After this round of quota reform eventually goes ahead, South Africa and Nigeria  will have a smaller vote than they did before – and both of them will have a smaller vote than Belgium. Belgium’s share will also be greater than that of Turkey and Indonesia. Brazil will still have a smaller voice than Italy, and only a slightly larger one than the Netherlands.

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