Not really news…
Timothy Geithner, the US Treasury secretary, said the United States, effectively the only member with veto power in the Washington-based institution, is looking to the IMF “to play a key role in assisting the assessment of G20 economic and financial policies.”
Not all were satisfied with the IMF steering committee’s approval of the G20 request for a shift in the allocation of quotas, or voting power, to mainly developing countries.
“There will be no ‘new IMF’ without a more representative and democratic governance structure,” said Argentina’s finance minister, Amado Boudou.
“To achieve this goal, the voice and representation of developing countries, including the poorest, must be significantly increased,” said Boudou, who also represents Bolivia, Chile, Peru, Paraguay and Uruguay on the IMFC.
International aid agency Oxfam director Bernice Romero agreed, calling the quota shift “shameful,” and adding that “rich countries are still making decisions for the rest of the world.”