IMF urged to accelerate quota realignment: PBOC

The International Monetary Fund should accelerate the quota realignment as early as possible to reflect the relative weights of the members in the global economy, urged the People's Bank of China Governor Pan Gongsheng. 

Since the IMF is a quota-based institution, realigning quota shares is the most important component of its governance reform, Pan said last week during the IMF/World Bank Spring Meetings.

By doing so, the IMF could amplify the voice and representation of emerging markets and developing countries, Pan said in a statement published on the PBOC’s website on Monday. 

Pan met with the IMF’s managing director Kristalina Georgieva on Friday, the statement said, adding that they exchanged views on strengthening the cooperation between China and the IMF. 

Xuan Changneng, PBOC deputy governor, also attended the meeting, the statement said.

The global economy is becoming more complex and volatile, and China will uphold true multilateralism and support the IMF, Pan pointed out. 

He noted that China hopes the IMF will continue firmly promoting multilateralism and safeguarding global economic and financial stability.

STAFF REPORTER