MARRAKECH, Morocco: The International Monetary Fund (IMF) said on Tuesday (Oct 10) that it is seeing “significant support” for a US-backed increase in...
Georgieva speaking on the second day of the annual meeting of the IMF and the World Bank in Marrakech, Morocco, on Tuesday. – ReuterspicThe International Monetary Fund said on Tuesday that it is seeing “significant support” for a US-backed increase in quota lending resources without changes to its shareholding structure at IMF and World Bank meetings in Morocco.
“If we don’t get the quota increase, our relative capacity to stand toe-in-front of future shocks diminishes,” she said. “I think it would be a good thing to have a deadline on the formula, because without changing the formula, we are stuck.” The United States is arguing in favour of such an increase, which would see member countries contribute more funds in the same proportion to their current shareholdings.
Georgieva’s call for setting a deadline appears to be a signal that the US plan has a strong chance of succeeding. A decision is expected on Saturday, when the IMF's steering committee meets.
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