Clock is Ticking: Will IMF’s 16th Quota Review mean a Further Loss of Legitimacy for the Fund?
As the global system faces complexchallenges of slower growth, high inflation, and surging debt levels, theenlargement of the BRICS group in August represents the latest attempt toreshape the global world order. The BRICS leaders repeatedly called for“greater representation of emerging markets and developing countries” ininternational institutions, underscoring the urgency of reforming the IMF’sgovernance structure. This
Bretton Woods Project article suggests that implementingthe G24’s long-standing request toallocate one more seat on the IMF executive board to Sub-Saharan Africa, ordecoupling Special Drawing Rights allocations from the quota system as proposed byUNCTAD, would be a step in the right direction. Although these steps fall wellshort of the major reforms needed, such measures would at the very least ensurethat the IMF avoids further weakening of its legitimacy.
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