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That the IMF has returned to anew relevance is very much due to the leadership of DOminique Strauss Kahn, a former French finance minister who took the top post at the IMF in November 2007. It has committed $160 billion in ahost of credit lines and new loans to emerging countries and its lending capacity was boosted to $750 billion. Its ahuge turnaround in which the IMF went through alarge metamorphosis to deal with the global financial crisis. Still the Economist says not all is well, as the emrging countries China and India have paltry share in votes the IMF'S governance, Brazil's is less than Belgium's. This and the resistance of Europeans to change their disproportionate say in the IMF governance is shortsighted and shamefully so says the Economist. Fixing this should be a top priority at the G-20 Pittsburgh summit.
The IMF's new relevance and the need to get its governance right.
03/30/2009
Begium has more votes than Brazil, and China and India have paltry shares. The Economist calls this shamefully shortsighted of the Europeans. It gives Dominique Strauss Kahn, and his Keynesian instincts, a good score for the transformation of the IMF that is underway into a global institution which is friendly to emerging countries. Calls for a change in the quotas at the World Bank and the IMF by emerging market countries.
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