US Treasury Secretary Janet Yellen said today that the International Monetary Fund has sufficient reserves to meet future financial challenges. This writes Reuters. Yellen makes a comment because she thinks the IMF should implement reforms within its shareholders.
The reforms in question are designed to better represent the size of the economy to shareholders. In addition, Yellen said she would like the World Bank to make larger loans available for climate and other global goals ahead of the annual meeting between the IMF and the World Bank in October.
He also stressed that the IMF should remain a quota-abiding institution so that there is always a predictable flow of income and a financial safety net remains in place.
The last changes to the IMF’s shareholding structure were made in 2010. The United States, which can veto major IMF decisions, is the largest shareholder with 16.5%. Followed by Japan with 6.14%, China with 6.08% and Germany with 5.31%.
Source: BNR
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