April 24, 2004 Saturday
SECTION: Editorial; A20
HEADLINE: A Voice for Developing Countries
The April 13 editorial "The IMF's Next Leader" strongly supported a process that will select the ninth consecutive European as head of the International Monetary Fund despite the disapproval of more than two-thirds of the IMF member countries. Developing countries are demanding a fair and transparent selection process whereby all member countries are involved in the nomination and selection.
Also, The Post should know that a country cannot raise its own contribution or "quota." Quotas, like voting shares, are decided by a majority of votes, and these are in the hands of Europe, the United States and Japan. Developing countries have asked for increases in their quotas, but the increases have not been granted; the editorial accuses them of not wanting what in fact they are demanding.
Financial Policy Forum