Tuesday, September 05, 2006

MONBIOT ON THE IMF

Monbiot on the IMF:

A major IMF decision requires 85% of the vote, which ensures that the US, with 17%, has a veto over its substantial business. The UK, Germany, France and Japan have 22% between them, and each has a permanent seat on the board. By a weird arrangement permitting rich nations to speak on behalf of the poor, Canada and Italy have effective control over a further 8%. The other European countries are also remarkably powerful: Belgium, for example, has a direct entitlement to 2.1%, and indirect control over 5.1% of the vote: over twice the allocation of India or Brazil. Europe, Japan, Canada and the US wield a total of 63%. The 80 poorest countries, by contrast, have 10% between them.



More here.

1 Comments:

Blogger PercyJonkova said...

Yeah but...
"more than 60 percent of Asians and 70 percent of Africans feel that the IMF and the World Bank have a positive effect on their country"
http://people-press.org/reports/pdf/185topline.pdf

And the percentages quoted are I believe (haven't double checked) proportional to the amount of funding/quota which seems reasonable.

9:19 AM  

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