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ViewpointSeptember 3 2012

The IMF must reform or run the risk of irrelevance

Within the IMF, some members are more equal than others. Only when fast-growing development economies such as the BRICS nations are fairly represented in its decision-making processes can it be described as a truly multilateral organisation.
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The IMF must reform or run the risk of irrelevance

The International Monetary Fund (IMF) has a very important role to play in solving the current international crisis. Acknowledging this role, G-20 members raised $456bn in contributions for it at the G-20 Summit held in Los Cabos, Mexico, in June.

Added to the $600bn already raised for the IMF in 2010, this amount has considerably increased the power of intervention it has vis-à-vis the challenges that lie ahead for the institution. Many emerging countries participated in this funding effort, including Brazil and its BRICS partners (Russia, India, China and South Africa), showing that they are committed to finding a solution to the European crisis, which has had an impact on economies all over the world.

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