April 24, 2010 / 4:24 PM / 9 years ago

Geithner: give emerging markets more IMF power

Treasury Secretary Timothy Geithner (L) and International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn leave after a family photo of the International Monetary and Financial Committee (IMFC) at IMF headquarters in Washington April 24, 2010. REUTERS/Yuri Gripas

WASHINGTON (Reuters) - Emerging-market economies should be given an increased say in global financial institutions at the cost of rich countries, Treasury Secretary Timothy Geithner said on Saturday.

In a speech to the International Monetary Fund, Geithner repeated a call for emerging market countries to adopt market-oriented currency exchange rates and said the U.S. would back developing counties in a bid for more IMF power.

He said what was on the table from the developed world in talks on the issue did not go far enough.

“We support 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.

A current effort to rejig voting quotas within the IMF “falls short” of what is needed to give an adequate say to developing markets.

Reporting by Glenn Somerville; editing by Patrick Graham

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below