2015年CRI IMF Quota Reforms to Give Emerging Economies Larger Say: Analysts

 

The 2010 IMF reforms expanded the voting power of China, India, Russia and Brazil. 

Those who agreed to give up some voting share included the United States, Saudi Arabia and South Africa, though several European countries gave up the largest share. 

Andrew Hanauer is the Campaigns Director at Jubilee¹ USA Network, an organization that aims to improve the quality of lending to poorer countries. 

"It's a big deal, it's definitely a step in the right direction. We've been waiting more than five years for this to happen. 205 There's no question that it did not look for the United States being the only country holding these reforms up, particularly because the United States is the only country that has the power to hold things up by itself at the IMF."

The Obama administration has been an enthusiastic supporter of the reforms, but the five year delay was caused by the US Congress, which wouldn't or couldn't vote to approve the changes. 

Investment Advisor² Douglas Rediker who is also a Visiting Fellow at the Peterson Institute for International Economics says by voting to approve the changes, the US Congress has finally closed a credibility gap.

"This was a US initiative five years ago, to actually reform not just the voting rights or the quota³ at the IMF, but the overall governance structure to give emerging markets a much more representative voice at the table. And then, the irony⁴ was that it was the US that turned out to be the one party that held up the very reforms that the US spearheaded. "

The five year delay has also pushed back negotiations⁵ for a new set of IMF reforms which will now begin and Douglas Rediker says that process will begin in 2016.

"The IMF articles contemplate⁶ an ever shifting global economic landscape. That's why under the rules the IMF is supposed to reassess this governance structure and the quotas⁷ by which countries exercise their rights, simply because the world moves on and economic strengths wax and wane⁸."

With China holding the presidency⁹ of the G20 in 2016 that's likely to lead to new efforts to expand the role of emerging nations in the architecture of the world's economic leadership. 

For CRI, I'm Rebecca Foster in Washington.

1 jubilee   

n.周年纪念；欢乐

参考例句：

• They had a big jubilee to celebrate the victory.他们举行盛大的周年纪念活动以祝贺胜利。
• Every Jubilee,to take the opposite case,has served a function.反过来说，历次君主巡幸，都曾起到某种作用。

2 advisor   

n.顾问，指导老师，劝告者

参考例句：

• They employed me as an advisor.他们聘请我当顾问。
• The professor is engaged as a technical advisor.这位教授被聘请为技术顾问。

3 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

4 irony   

n.反语，冷嘲；具有讽刺意味的事，嘲弄

参考例句：

• She said to him with slight irony.她略带嘲讽地对他说。
• In her voice we could sense a certain tinge of irony.从她的声音里我们可以感到某种讥讽的意味。

5 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

6 contemplate   

vt.盘算，计议；周密考虑；注视，凝视

参考例句：

• The possibility of war is too horrifying to contemplate.战争的可能性太可怕了，真不堪细想。
• The consequences would be too ghastly to contemplate.后果不堪设想。

7 quotas   

（正式限定的）定量( quota的名词复数 )； 定额； 指标； 摊派

参考例句：

• In fulfilling the production quotas, John made rings round all his fellow workers. 约翰完成生产定额大大超过他的同事们。
• Quotas of the means of production are allocated by the higher administrative bodies to the lower ones. 物资指标按隶属关系分配。

8 wane   

n.衰微，亏缺，变弱；v.变小，亏缺，呈下弦

参考例句：

• The moon is on the wane.月亮渐亏。
• Her enthusiasm for him was beginning to wane.她对他的热情在开始减退。

9 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。