Oxfam urges Strauss-Kahn to press IMF reforms

28th September 2007, Comments 0 comments

28 September 2007, WASHINGTON (AFP) - Oxfam on Thursday called on the likely new head of the International Monetary Fund, Frenchman Dominique Strauss-Kahn, to institute reforms giving greater weight to the developing world.

28 September 2007

WASHINGTON (AFP) - Oxfam on Thursday called on the likely new head of the International Monetary Fund, Frenchman Dominique Strauss-Kahn, to institute reforms giving greater weight to the developing world.

"Mr. Strauss-Kahn should actively support changes to the way the IMF is managed, so that all developing countries get a fair say in the decisions of the institution," said Elizabeth Stuart of Oxfam International.

The statement by the anti-poverty nongovernmental organization reinforced widespread expectations that Strauss-Kahn will be named managing director by the IMF executive board on Friday.

Strauss-Kahn, a former finance minister, is backed by the European Union and the United States. His rival, Josef Tosovsky, a former Czech central bank chief, was nominated by Russia.

"The question of whether to give a bigger voice to poorer members has been dragging on for too long and must be answered now," said Stuart.

"Measures currently on the table would deliver woefully short of a meaningful reform," she added, referring to a reform under way of the voting rights  and quotas for the 185 IMF member countries.

The new managing director will succeed Rodrigo Rato, who is resigning in late October, nearly two years before his term ends.

Stuart noted that Strauss-Kahn recently has emphasized the importance of such reform and the need for the IMF to adapt to a rapidly changing world.

"This is welcome, but he'll need to set the tone from day one in the position to make it happen," Stuart said.

"Where countries have achieved macro-economic stability, the Fund should simply pull out ... All developing countries ought to be able to decide their own future economic policies," she said.

Link to Dominique Strauss-Kahn' s IMF candidacy blog: http://www.dsk-imf.net

AFP

Subject: French news

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