China plan to expand its influence at the International Monetary Fund (IMF) is likely to collapse due to opposition from the United States.
According to Reuters on the 10th (local time), IMF President Kristalina Georgieva said at an event in Marrakech, Morocco, where the annual meeting will be held, “The U.S. plan to increase the quota of contributions instead of adjusting its stake is receiving considerable support.”
The IMF has been pushing to increase contributions from member countries to raise enough funds to prepare for a massive global economic crisis. Contributions account for more than 40% of the IMF loan capacity of 1 trillion dollars. The IMF fund was used for the COVID-19 crisis and climate change and was over-executed due to Russia’s invasion of Ukraine.
Taking advantage of this opportunity, China pushed to expand its stake in the IMF to expand its influence. In the IMF, a country does not exercise one vote, but a stake is a voting right. Not only China, but other large emerging economies, including India and Brazil, have long tried to speak out.
On the other hand, the United States, the IMF’s largest publisher, is known to oppose China’s rise.
Amid the ongoing war between Israel and Palestinian militant Hamas, the IMF is monitoring the risk of higher inflation following the wa
The IMF has been pushing to increase contributions from member countries to raise enough funds to prepare for a massive global economic crisis. Contributions account for more than 40% of the IMF loan capacity of 1 trillion dollars. The IMF fund was used for the COVID-19 crisis and climate change and was over-executed due to Russia’s invasion of Ukraine.
Taking advantage of this opportunity, China pushed to expand its stake in the IMF to expand its influence. In the IMF, a country does not exercise one vote, but a stake is a voting right. Not only China, but other large emerging economies, including India and Brazil, have long tried to speak out.
On the other hand, the United States, the IMF’s largest publisher, is known to oppose China’s rise.
