IMF points to voting rights changes in April

WASHINGTON (Reuters) - The head of the International Monetary Fund's policy committee said on Saturday it was "very likely" the IMF would conclude a new voting rights formula in April to let fast-growing emerging market economies have a bigger voice in the global lender.

At a news conference following a meeting of IMF member nations, International Monetary and Financial Committee Chairman Tommaso Padoa-Schioppa said he believed the European Union should consolidate its IMF chairs into one, but added that issue was a "complex one" the members did not discuss.

The IMFC said in a communique that it supported a 10 percent overall increase in voting rights, with at least a doubling of basic votes. The expansion in voting capacity would go to emerging markets.

Padoa-Schioppa, who also is Italy's finance minister, said the 10 percent increase was "a huge increase compared to what seemed to be a big increase, the one achieved (by the IMF last fall) in Singapore, which was less than two percent."

The IMFC also said it supported the inclusion of gross domestic product and purchasing power parity in determining the new quota formulas.

Outgoing IMF head Rodrigo Rato said the IMF does not have a target for selling gold this year and there was no agreement on a new income proposal to sell up to 400 tons. A proposal being considered by the IMF calls for the sale of 400 tones, or metric tons, of IMF gold.