The International Monetary Fund has failed to meet a self-imposed January deadline for structural reforms that were to shift more power to developing countries and emerging economies.
A statement from the Fund Thursday indicates that squabbles continue to dog its executive board even as it seeks consensus on a new formula on the voting power of member states.
The IMF governance structure has been criticised for being unresponsive to changes in the global economy and for concentrating power in the United States and Europe.
Member countries have been deliberating on a new formula since 2010 in a battle that pits the West against developing countries in Asia, Latin America and Africa.
The deadline for unveiling the new board structure has now been pushed to January 2014.
Agencies
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