IMF hopes to triple African countries' voting rights

International Monetary Fund (IMF) director general Rodrigo Rato on Monday expressed the organisation’s commitment to triple the voting rights of African nations in the organisation.

“We are conscious of the fact that current voting rights of African countries are insufficient and not representative enough,” Rato said in Maputo at the end of a meeting of African finance ministers and central bank governors.

“Therefore, we will try our best possible to increase the voting rights and improve on their representations,” he said.

He also hinted at the possibility of appointing an African deputy director general.

At the IMF’s inception, African countries had 11,2% of voting rights but their share has fallen to 2%.

The rights are calculated on the basis of financial contributions.

Mozambique’s Finance Minister Manuel Chang said he hoped to see the African vote raised to 6% “in the first instance” and then in stages “until we arrive at our initial voting capacity”.

African countries have demanded a reform of IMF working rules to include factors such as population and economic development in the calculation of voting rights.—Sapa-AFP