China says IMF governance should shift
Posted on: Monday, 30 March 2009, 07:45 CDT
The Chinese government has said International Monetary Fund governance should be changed to reflect the shifting global economy.
In the global crisis, the IMF has risen as a concern, reflecting its importance in a time of need and a political shift, given the U.S. push for more stimulus spending by other nations has been largely rebuffed, The New York Times reported Monday.
Without stimulus spending as a guaranteed success for U.S. President Barack Obama's team at the Group of 20 summit Thursday, the United States will tout IMF contributions as a major concern, the Times said.
U.S. Treasury Secretary Timothy Geithner has said the IMF requires an additional $500 billion. Japan and the European Union have said they will contribute $100 billion, while the United States has said it would contribute about the same.
But, a senior Chinese official said IMF contributions should be based on per capita production, rather than the size of a country's reserves.
They simply do not want to pony up based on vague promises of governance reform,
Eswar Prasad, a Cornell University economics professor, told the Times.
Source: United Press International
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