AFRICA-ASIA CONFIDENTIAL
The headline issue at Seoul was that of current account balances, but little was achieved. IMF reform fared better, but the work was done ahead of the summit. On 5 November, the IMF Executive Board approved a reform of the quota system, which affects each member’s financial obligations, voting rights, and access to finance. Quotas were doubled – as were contributions to the Fund’s capital, to $755.7 bn. Over-represented countries gave up 6% of their quotas to under-represented members, and the voting rights of the poorest were upheld. Reflecting its financial clout, China became the IMF’s third-largest member, while Brazil, Russia and India entered the top ten. Europe gave up two seats on the Executive Board.
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