Korea to get bigger say in IMF

The Korea Times

The Korea Times

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Sat, December 9, 2023 | 03:17

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Korea to get bigger say in IMF

Posted : 2010-11-07 17:25

Updated : 2010-11-07 17:25

By Kim Tae-gyu

The International Monetary Fund (IMF) gave the green light Saturday to alotting more voting rights to emerging economies, a measure that raised Korea’s quota to 1.8 percent. China benefitted the most from the change, and is now the third largest voting power.

The IMF’s announcement confirmed the decision made during the G20 Meeting of Finance Ministers and Central Governors in Gyeongju, where Beijing was guaranteed a bigger say in the IMF, averting a brewing “currency war” that pitted China against the United States.

In a briefing Sunday, the Ministry of Strategy and Finance said the larger voting quota for Korea was the consummation of a long process to give a voice to IMF members in proportion to their individual economic size.

“During the Pittsburgh summit early this year, G20 leaders promised a quota shift of more than 5 percent. The IMF stuck to the pledges by rearranging 6 percent,” a ministry official said.

The United States and Japan will remain the most influential as before in terms of voting rights in the Washington-based organization, which held an executive board meeting late last week

At the expense of some advanced European countries, Korea saw its quota rise from 1.41 percent to 1.8 percent, making it the 16th-largest voter among the 187 IMF member nations, up two positions.

The quota overhaul requires the endorsement of an 85 percent majority of the members’ votes and most of them will then have to undergo legislative procedures in order to establish the new format.

In a press conference after the executive board meeting, IMF Managing Director Dominique Strauss-Kahn said that “the ranking of the countries is really the ranking they have in the global economy.”

“The result is basically that the very long-lasting question of the legitimacy of the Fund is now solved. It’s not solved forever. New changes in the global economy will have to be also translated into new changes in the Fund, but at least we have caught up with reality.”

The winners of the quota revamp were the so-called BRIC countries composed of Brazil, Russia, India and China. All of them gained to become among the top 10 at the global lending body.

By contrast, the European big four of the United Kingdom, Germany, France and Italy shed their quotas to make room for the transfer and so did the top two — the U.S. and Japan.

The U.S. still managed to garner a share of 17.41 percent, which is high enough to veto any important decisions at the 65-year-old institution — the IMF needs an 85 percent majority vote in favor of its actions.

Strauss-Kahn praised the role of Korea in the decision of the IMF by mentioning that “the authorities in Korea were helpful” at the G20 Ministerial Meeting held in Gyeongju late last month.

한국 IMF에서 발언권 증가

한국의 국제통화기금(IMF) 내 발언권이 1.8%로 기존 18위에서 16위로 두 단계 올라섰다. 국제통화기금은 현지시간으로 5일 이사회를 열고 경주 재무장관, 중앙은행총재 회의를 바탕으로 의결권과 지배구조 개혁안에 합의했다.

의결권 5% 이상을 신흥 개발도상국에 넘긴다는 이전 약속을 넘어 6%의 이전을 의결했다. 최대 수혜자는 중국으로 2.4% 포인트를 더 획득해 미국과 일본에 이어 국제통화기금 내 세 번째로 많은 의결권을 갖게 되었다.

브라질 또한 0.53% 포인트를 추가해 브릭스 4개국이 모두 탑 10 리스트에 이름을 올리게 되었다. 반면 유럽 주요 4개국인 영국, 프랑스, 독일, 이탈리아는 모두 의결권이 줄어들었다.

미국과 일본의 경우도 의결권의 축소를 맞았으나 미국의 경우 17.41%의 의결권을 유지 사실상 거부권을 행사할 수 있는 15% 선을 지켰다. 국제통화기금의 주요 사항 의결은 의결권 기준 85% 이상의 동의가 있어야 하기 때문에 미국이 사실 상 거부권을 행사할 수 있는 셈이다.

국제통화기금 총재인 도미니크 스트로스 칸은 이사회 이후 기자간담회에서 “이번 결정이 변화된 국가들의 역학관계를 반영하는 것”임을 분명히 했다. 중국과 한국 모두 높아진 위상을 실감하게 되는 것이다.

이번 의결권 변화는 이후 IMF 총회에서 의결권 기준 85% 이상의 찬성으로 승인된다. 실제 집행을 위해서는 대부분의 국가에서 행정, 법률적 절차도 필요할 것으로 예상된다.

voc200@koreatimes.co.kr