Sunday, October 24, 2010
IMF change is likely
The G-20 wants to change the way the IMF board is selected. Currently, 5 out of 10 on the board are appointed and the others are elected. In order to get a more fair and formula-based board, the G-20 officials want the board to be fully elected. The IMF director seems to be in agreement with the shift, to get the most important economies on the board, not just the largest.
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These IMF board selection reforms will give a greater voice to developing countries. This is a departure from the way countries are selected currently. Hopefully, these changes will result in IMF requirements for loans being altered to benefit the lesser-developed countries more effectively. There is much debate about the way the IMF handles its loans and this should be a step in the right direction.
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