IMF agrees to increase China's voting power
(AP)
Updated: 2006-09-19 11:08
The weight of each nation's vote is tied to its quota, or financial
commitment to the institution. Quotas are determined by the size of their
economies and currency reserves as well as openness to trade and capital flows.
The U.S. vote is about 17 percent of the total and Japan has 6.1 percent,
while European nations together account for about a third. Argentina has a
voting share of 0.99 percent, while the Pacific island nation of Palau has 0.01
percent.
The plan raises China's voting share to 3.65 percent from 2.93, raising its
rank from eighth to sixth.
South Korea's voting share rises to 1.33 percent from 0.76, Mexico climbs to
1.431 percent from 1.196 and Turkey goes to 0.548 from 0.453.
The World Bank's policy-planning committee, meanwhile,
endorsed a broad strategy for tackling corruption Monday that gave the 24-member
executive board oversight to ensure that the institution's decisions are broadly
based.
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