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IMF spring meetings may see progress on additional resources: Fund secretary (2)


08:37, April 19, 2012

Policymakers only have a "narrow window of opportunity" to recalibrate policies and forge consensus, which is too precious to lose, Lin said.

He also pointed out that the 2010 quota and governance reforms of the IMF have not yet been completed. "More work needs to be done" to advance the reforms which involve all the members and can only be completed through collaboration, Lin said.

The 2010 quota and governance reforms include a proposed reform to achieve a more representative, all-elected executive board, double the Fund's quotas and shift the quotas to emerging markets.

However, the necessary legal thresholds required for the reforms to become effective have not yet been reached as many member countries have not yet approved the amendments.

In order to push forward the proposed amendment on the reform of the executive board, 85 percent of the Fund's total voting power is required. For the quota increase, members need to hold no less than 70 percent of total quotas.

Lin expected that decisive progress on the reforms would be made by the time of the IMF's annual meetings in Tokyo this fall.

As head of the IMF Secretary Department, Lin said the work of his group serves as a "lubricant" for the whole institution. The department has operational responsibility for the 24-member executive board of the IMF, and also serves as the regular point of contact with the Fund's 187 member countries on institutional matters.

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