ASEM members calls for implementation of IMF quota reform

Source: Xinhua (China)
Source type: News Agency
Published on: 05 Oct 2010

BRUSSELS, Oct. 5 (Xinhua) -- ASEM members on Tuesday expressed support for the implementation of the IMF quota reform by the G20 Summit of November this year.

Some 48 ASEM members delivered the Brussels Declaration when the 8th Asia-Europe Meeting concluded on Tuesday afternoon, calling for more effective global economic governance.

According to the declaration, the participants said in view of the strong growth in dynamic emerging markets and developing countries, they support the implementation of the IMF quota reform by the G20 Summit held in November this year, to adequately reflect the relative weight and responsibilities of the IMF members in the world economy.

They said "as decided at the October 2009 meeting of the International Monetary and Financial Committee in Istanbul, we reaffirm that IMF quota shares must be shifted to dynamic emerging markets and developing countries by at least 5 percent from overrepresented to underrepresented countries using the current quota formula as the basis to work from, while protecting the voting power of the poorest countries."

ASEM members said they recognize that, in parallel, wider governance issues should be addressed. These include an open, transparent and merit-based process for the appointment of heads and senior leadership of international institutions, Fund Governor's involvement in the strategic oversight of the IMF, staff diversity at senior and mid-level positions, voting modalities, and a representative and inclusive size of the IMF's Executive Board.

They said "We look forward to a constructive dialogue between Ministers and Governors at the upcoming Annual Meetings of the IMF and World Bank."

The heads of states and of governments of 46 Asian and European countries, the President of the European Commission and the Secretary General of ASEAN, met in Brussels on Oct. 4-5 under the Chairmanship of the President of the European Council Herman Van Rompuy to discuss the current economic and financial situation.

Leaders reaffirmed the strategic dialogue and cooperation between Aisa and Europe on the basis of equal partnership, mutual respect and benefit.

-From Xinhua http://news.xinhuanet.com/english2010/world/2010-10/06/c_13543639.htm