China will Become the Third Power in the IMF
China will become the third power in the IMF, according to voting rights, after the U.S. and Japan, a position that will allow the state to assume greater responsibilities in the global economy, said Director General of Financial Institution, Dominique Strauss-Kahn.
"IMF plan could influence the attitude of the Chinese. They wanted to be better represented in the IMF, which shows that they care institution," said Strauss-Kahn was quoted by Bloomberg.
IMF Board agreed, after an agreement reached in October, the G20 finance ministers to give more voting power to countries with a dynamic development. However, advanced European countries will give two board seats in the IMF. Decisions will increase the influence of countries such as Brazil or South Korea in the international financial institution policy.
The IMF is the institution adapts to the current economic scenario, the recovery from recession is supported by increases in emerging countries. To be implemented, it must receive the approval of 85% of the 187 voting members.
