Qatar, on behalf of other Arab countries, has called on the World Bank Group and the International Monetary Fund (IMF) to play a better role in promoting and deepening the reform efforts in the Arab region.
Addressing the IMF and the World Bank 2012 annual meeting in Tokyo H E Yousef Hussein Kamal, Minister of Economy and Finance, who is also the Governor of the Fund and the Bank for Qatar, underscored the need for getting fair representation for the region in the Bretton Woods Institutions (BWIs).
Speaking on behalf of the Arab Governors of IMF and the World Bank Group, Yousef Hussain said: “An important aspect of reforming governance at the IMF is the ongoing review of the quota formula to ensure it results in fair and equitable representation of all members of the Fund, taking into consideration the multiple roles of quotas. The current formula is deficient in many ways and is the result of compromises that may have been justified by pragmatism but lack fairness. GDP should be retained in the formula, although its weight should be reduced, or its impact attenuated through appropriate compression, to help lower the concentration of voting power.”.
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