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November 06, 2010

IMF doubles its financial resources and shifts its voting formula

The IMF has changed its quota and voting share formulas.

The Executive Board proposes completion of the 14th General Review of Quotas with a doubling of quotas to approximately SDR 476.8 billion (about US$755.7 billion at current exchange rates) and a major realignment of quota shares among members. It will result in a shift of more than 6 percent of quota shares to dynamic emerging market and developing countries and more than 6 percent from over-represented to under-represented countries, while protecting the quota shares and voting power of the poorest members

China is number 3 in votes behind the USA and Japan. the USA with about 17% can still veto as a it takes a 85% vote to pass anything.



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