U.S. urges more voice for developing countries in IMF

WASHINGTON, April 24 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner on Saturday called for reforms of the International Monetary Fund (IMF) that would give more voice to emerging markets and developing countries.

In a speech at the International Monetary and Financial Committee (IMFC) meeting, Geithner said the United States is committed to reform the IMF's governance structure to "reflect global economic realities."

"The IMFC has provided clear guidance on the need for a shift in quota share to dynamic emerging markets and developing countries of at least 5 percent, using the existing quota formula as 'a basis to work from,'" he said.

"The goal is to achieve legitimate representation based on countries' economic weight in the world," he said. "The current quota formula, however, falls short of this objective."

In order to make the Executive Board "more representative and effective," the United States supports "a reduction in the size of the Board that preserves the existing number of emerging market and developing country chairs, including a move to all-elected chairs," Geithner said.