Global Finance Leaders to Go into a Discussion about IMF Voting Powers

All of the global finance leaders of the world would be going into a discussion about the IMF voting powers and for the related reforms. They are going to meet in Washington for the purpose of getting into a discussion about the issue. There are also concerns pertaining to key IMF package which is going to be held in the United States Congress. It is going to be a tough sell for this year which is marked for its tight budget. Without taking the name of the United States, the IMF managing director, Christine Lagarde, made another call to the various member countries in terms of approving the 2010 package. This action would be giving a boost to the voting power of the countries like China as well as India.

Both of them have been keen in more say in terms of their powers in the IMF through which they would be able to reflect their growing influence and importance in terms of the economy. It is a fact that the economy of China and India is going quite strong these days. Some even say that both of them would be included in the top strongest powers of the world. The voting power issues would be discussed in a panel which would include 20 countries, developing and developed. A senior official from the side of the IMF said in this regard that there is not something new in terms of the issues that would be discussed on the table. The official also said that it would come into effect as soon as the United States would approve it. The views of the membership are also in favor together with the United States which is also keen in getting it done as soon as possible.

Now here, it should be noted that the approval of this package is being delayed from the side of the United States and there is been very little progress since the month of January in this regard among those countries which have been proposing the formulation of a new formula in terms of taking the decision under discussion.

Not to forget that last week, President Obama, had asked the congress to transfer $ 63 billion from the US money from a fund that is dedicated to the IMF crisis.