THE ROLE OF EMERGING-MARKET ECONOMIES IN REFORMING QUOTA AND VOTING RIGHTS IN IMF

Abstract

The dominant position of the United States and other Western countries in the IMF does not reflect anymore their real weight in the global economy. Previous attempts of the emerging economies to increase their representation in the Fund did not succeed. Changes in the situation were facilitated by the integration of the largest countries of the developing world within the BRICS. As a result, the G20 platform managed to agree on an increase in the share of developing countries in the IMF. However, after overcoming the consequences of the global financial crisis 2008-2009, advanced countries are increasingly less willing to continue to dialogue with emerging economies. This is evident from their decision to postpone the 15th general review of quotas until 2019. So the But BRICS is still has the opportunity to take advantage from this delay. It is necessary to agree on a new quota formula that would take into account the real weight of the countries in the world economy and will enable emerging countries to consolidate their position in IMF.

Keywords

• «группа 20-ти»
• 15-й общий пересмотр квот
• g20
• brics
• imf reform
• fifteenth general review of quotas
• imf quota formula