Zambia supports proposed IMF voting rights reforms

Zambia has voted along with other African countries for proposed reforms in the International Monetary Fund (IMF) that seek to increase voting rights of China, South Korea, Mexico and Turkey.

Caleb Fundanga, governor of Bank of Zambia, was quoted by Monday's Zambia Daily Mail as saying that his country had to vote to support the reforms because this marked the beginning of the changes in the IMF although Africa is not going to have its voting quota increased immediately.

Fundanga said in Singapore that the proposed changes meant that Africa could benefit when the allocation of the voting right comes up for review in the next two years.

He said the increase in quotas to the four countries is justified on account of their increased share of the global economy although he acknowledged the weakness of the system in that Africa has very little clout.

Representatives of African finance ministers, who held a press briefing in Singapore on Sunday to give their position on the proposed reforms, backed the decision, saying although Africa, which represents 30 percent of the IMF memberships, is not going to immediately have its voting rights increased from the less than three percent it holds, they entirely support the changes.

Source: Xinhua