[Marxism] Why does the US support the change in IMF share quotes?

Patrick Bond pbond at mail.ngo.za
Fri Sep 1 12:54:22 MDT 2006


(Has this guy lost the battle to control the IMF, and is now saving face?)

TREASURY UNDER SECRETARY ADAMS RELEASES STATEMENT ON IMF REFORM

This Department of Treasury press release may be viewed at:
http://www.treas.gov/press/releases/hp80.htm

Washington, D.C. –

Treasury Under Secretary for International Affairs Timothy D. Adams
released the following statement on IMF reform:

I am pleased that the Fund's Executive Board has put on the table a
reform package that will take into account the rapid growth in
emerging markets and the evolution of economies around the world. All
agree that it is also critical to ensure an appropriate voice for the
poorest countries.

However, there is much important work left to be done after Singapore
and it is crucial that the Fund's membership approach this endeavor in
the spirit of re-making the Fund to look like the face of today's
global economy.

The IMF management and membership now need to demonstrate that the
institution will move swiftly to fundamental reform in step two.
Significantly higher GDP share in a new quota formula and updated,
strengthened, and rigorously applied guidelines for exchange rate
surveillance are necessary components if the IMF is to remain the
world's leading multilateral institution for macroeconomic and
financial policy.


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