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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The deadline for unveiling the new board structure has now been pushed to January 2014.<\/p>\n
Agencies<\/p>\n","protected":false},"excerpt":{"rendered":"
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