Image: LN24SA
The International Monetary Fund announced on Saturday in Marrakech, Morocco that IMF member states have agreed to increase their contributions to the global lender and to give Africa a third seat on its Executive Board.
IMF officials urged their members to step up funding for the institutions, so that they can better support governments in the fight against poverty. These points were among the stated objectives of the annual meetings of the IMF and World Bank that are to reach their conclusions Sunday.
At present, the distribution of quotas favours the advanced economies, particularly the European countries, to the detriment of the major emerging countries, led by China and India, which have been calling for a reform of the system for several years. The meetings are being held on the African continent for the first time since 1973.
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