Backgrounder: Timeline of developing countries' rise in the IMF

15:16, April 27, 2010      

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Sept. 18, 2006

The International Monetary Fund (IMF) increases the capital share of China, South Korea, Turkey and Mexico, which are most underestimated countries. The increased volume accounts for the 1.8 percent of the total share of the IMF.

March 2008

The IMF increases the capital share of all member countries. Moreover, the number of votes is increased to 750. This measure aims to offset the decline in share of the least developed countries, which may influence the proportion of voting rights. Accordingly, proportion of the voting rights of 135 members has been increased in total of 5.4 percent.

Feb. 11, 2008

The Board of Governors of the World Bank approves the first stage of the reform program. This program seeks to expand the impact of the developing countries in World Bank Groups including adding a seat for sub-Saharan Africa in the executive board to ensure developing countries have a majority of seats, thus expanding their share of voting rights and capital.

September 2009

BRIC group: Brazil, Russia, India and China, suggests IMF should transfer 7 percent of the share to developing countries, which is 5 percent higher than the proposal by the United States.

September 2009

Zhu Guangyao, assistant Minister of Chinese Ministry of Finance says China hopes that developing countries in the IMF and the World Bank will own 50 percent of the voting rights.

October 2009

G20 Summit in Pittsburgh approves increasing the share of emerging markets and developing countries in the IMF by 5 percent and increasing the share of voting rights in the World Bank for developing countries and transition economies by at least 3 percent.

October 2009

IMF promulgates "Istanbul decision," which approves an important step on the administrative level by G20: share should be transferred to dynamic emerging markets and developing countries before January 2011. The IMF must transfer at least 5 percent share from over-represented countries to underrepresented countries.

Feb. 24, 2010

Dominique Strauss-Kahn, president of IMF, appointd Zhu Min, Vice President of People's Bank of China, as the President Special Adviser of the IMF. Zhu Min will take up the new post on May 3.

April 25, 2010

The World Bank grants more than 86 billion U.S. dollars in capital increases to 186 members. Developing countries' share of voting rights increases by 3.13 percent and China becomes third largest shareholder in the IMF.

By People's Daily Online


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