International Monetary Fund: Reforming Country Representation (CRS Report for Congress)
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| Release Date |
Revised Jan. 29, 2008 |
| Report Number |
RL33626 |
| Report Type |
Report |
| Authors |
Martin A. Weiss, Foreign Affairs, Defense, and Trade Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Many developing countries have long argued that they deserve an increase in the influence that they wield at the International Monetary Fund (IMF). They point out that after years of sustained economic growth, their representation does not reflect their current economic position in the world economy. Proposed changes would give these emerging economies as well as poor borrowers and countries that do not significantly contribute to funding IMF operations greater say in order to enhance the perceived legitimacy and effectiveness of the institution. At the spring 2006 IMF meetings, IMF Managing Director Rodrigo de Rato presented a loosely fleshed out proposal that would provide for a two-step process. In the first step, there would be a so-called ad hoc quota increase that would immediately raise the representation of a few select countries who it is commonly agreed are under-represented at the Fund and follow with fundamental reform of the IMF quota system. [â¦] The Bush Administration has supported this proposal. In testimony and speeches throughout 2006, Administration officials explained that they are willing to support an ad-hoc increase for a few countries, but only if it is tied to fundamental reform of the IMF governance system. Depending on which course of action IMF members choose, action may be required by the 110th Congress. Congress must give its consent by law before the United States may agree to participate in any new IMF funding agreements that change the U.S. quota, require additional contributions from the United States, amend the IMF Articles of Agreement, or dispose of any gold currently held by the IMF. This report will be updated as events warrant.
