Member states of the International Monetary Fund (IMF) have unanimously consented to augment their contributions to the global lender and grant Africa an additional seat on its Executive Board, as announced by the IMF in Marrakech, Morocco on Saturday.
IMF officials emphasized the necessity of aiding governments in combating poverty and climate change, giving promises of financial support for institutions.
“We’ve prioritized inclusive growth, climate action, and debt vulnerability,” stated Nadia Calvino, IMFC Chair.
The ongoing IMF and World Bank meetings are focused on these goals and are set to conclude Sunday.
Despite calls for reform, the current quota system favors advanced economies, raising concerns about China’s potential influence.
While the voting structure remains unchanged, the IMF will expand its Board to accommodate Africa’s third seat, a significant move since 1973 when the meetings were last held on the continent.