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China officially became the third largest sharehol
Published:1/29/2016 5:05:35 PMViews: 599
Xinhua news agency, Washington, DC, January 27 - the International Monetary Fund (IMF) today announced the IMF2010 share and governance reform program has been formally effective, which means that China officially became the third largest shareholder of IMF.
IMF said in a statement, IMF, the board of directors of the reform amendment from January 26th into effect, the amendment is part of the IMF to promote share and governance reform. According to the program, about 6% of the share of the emerging markets and developing countries to move, China's share of the share will rise from 3.996% to 6.394%, ranking third in the sixth place, second only to the United States and japan. 4 emerging economies in China, Brazil, India and Russia among the top ten shareholders of the ranks of the IMF.
After the program came into effect, IMF share will double, from 238 billion 500 million special drawing rights (SDR) (about $329 billion 800 million) to 477 billion SDR (about 659 billion 700 million U.S. dollars). IMF executive board members will be the first elected by the election. At the same time, the program marks the IMF governance to better reflect the emerging markets and developing countries to take an important step in the direction of discourse, and will strengthen the credibility, validity and legitimacy of IMF.
IMF President Lagarde said in a statement, the reform makes the IMF in a rapidly changing international environment to better meet the needs of the member states. IMF governance reform has taken an important step, but this is not the end, the reform will continue.
IMF board of directors in 2010 through share and governance reform program. In accordance with the provisions of the IMF share and governance reform program to be implemented, the need to support at least 85% of the 188 members of the voting rights. The United States is the largest shareholder, has a veto on this issue. The United States after the reform of the voting rights than before the 16.75% decline, but still maintained a significant decision veto over 15%. Until mid December 2015 the United States Congress to approve the program, leading to the reform of the number of years to be delayed.