Good initial progress has been made on IMF quota reforms in line with the changing nature of the global economy, International Monetary Fund (IMF) deputy managing director Antoinette Sayeh said on Friday.
As per an IMF resolution, the 16th General Review of quotas should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in the voting rights of emerging countries in line with their relative positions in the world economy.
"We're working of course quite a bit (on quota reforms)...From our experience from the last review, we understand that countries have very different perspectives about what the results of this quota review should be and we've been working with them to find areas of common ground and to make sure that there is ownership for how we approach the review," she said.
Observing that there has been good initial progress being made on that, she said countries are fully aware of the changing nature of the global economy and the contributions that individual members make to it now.
"There is a need to align our governance structure with those changes...Work in progress of course and a long way... But it is our expectation that we will make progress and it will be possible to come to a good outcome," she said