WASHINGTON — Members of the International Monetary Fund (IMF) are frustrated with the long-delayed 2010 quota reform of the fund and called for early passage of the reform, said China’s central bank governor Zhou Xiaochuan on April 17.
“The 2010 quota reform has been delayed for so long. IMF members are not simply disappointed but frustrated,” Zhou told Xinhua on the sidelines of the World Bank-IMF Spring Meetings. “ The interim plan should not be an alternative of the original reform program. We are pushing for fully implementing the 2010 quota reform.”
To reflect the growing and underrepresented influence of emerging economies, the IMF called for a 6 percent shift in quota share to the emerging economies in 2010. However, the reform has been delayed for five years due to blocking by US Congress as the United States retains a de facto veto.
IMF members are discussing an interim solution which does not need the US congressional approval.