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BRIC countries slam Europe’s ‘obsolete grip’ on the IMF top job

Wednesday, May 25th 2011 - 07:00 UTC
Full article 9 comments

Top emerging economies joined forces to slam Europe's “obsolete” grip on the IMF top job, even as France's finance minister appeared to strengthen her lead in the race to replace Dominique Strauss-Kahn. Read full article

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  • geo

    wanted a captain for sunked ship (IMF) !

    May 25th, 2011 - 09:00 am - Link - Report abuse 0
  • sj_ken

    How much do the BRICs countries contribute to the IMF budget by amount and percentage of IMF funds?

    When the BRICs countries become major contributors to the IMF then they can have a larger say in who becomes the IMF president and how IMF conducts its policies.

    May 25th, 2011 - 09:49 am - Link - Report abuse 0
  • NicoDin

    1- South Africa is not among the BRICs countries is member of the G20 who actually are complaining about the share of power over FMI having by Europe.
    http://en.wikipedia.org/wiki/BRIC
    2- Someone miss understood the news from Reuters which says:

    “Brazil, Russia, India, China and South Africa sharply criticized EU officials in a joint statement for suggesting the next International Monetary Fund head should be a European, a convention that dates back to the founding of the global lender at the end of the Second World War....”

    And below Reuters says: “However, the countries known as the BRICs (referring to Brazil, Russia, India and China) failed to unite behind a common alternative candidate, leaving the way clear for Lagarde unless she slips on a French legal case.”

    What its a complete different thing than “Brazil, Russia, India, China and South Africa, known as the BRICs, sharply criticized European officials on Tuesday for suggesting the next IMF head should automatically be a European.”

    @ sj_ken

    IMF quotas contributions are based on GDPs the 1st. contributor is US, the 2nd is China, the 3er is Japan, and then far away comes Germany and then Brazil, etc, etc, etc.

    And the BRICs made all together a GDP close to 11 trillions dollars.

    So the BRICs can bounce back the seat of the Chairman of the IMF with US easily

    : )

    May 25th, 2011 - 11:26 am - Link - Report abuse 0
  • Redhoyt

    Life is a brick ain't it ... being cut out again? Sad ! Get used to it!

    May 25th, 2011 - 11:56 am - Link - Report abuse 0
  • Fido Dido

    ”wanted a captain for sunked ship (IMF) !”

    They've got their female (it looks and act more like a male) pirate captain for a ghost ship (IMF) to continue to rape nations. This time..in Europe and soon the US.

    The BRIC nations know it and understand that soon their influance will grow and grow and grow.

    BRIC nations are net creditor nations to the IMF who's economy are growing faster than the in debt nations who contribute more to the IMF.

    May 25th, 2011 - 06:36 pm - Link - Report abuse 0
  • Typhoon

    European head of the IMF. What's wrong with that. The IMF needs someone intelligent, capable, educated and politically neutral. More attention to the job than what they can get out of it. Not a single politician qualifies.

    Anybody thought of an economist who gets things right?

    May 25th, 2011 - 06:55 pm - Link - Report abuse 0
  • Fido Dido

    ”wanted a captain for SINKING ship (IMF) !”

    http://www.businessinsider.com/bankrupt-nations-try-to-stop-the-future-from-happening-fail-2011-5

    May 25th, 2011 - 08:48 pm - Link - Report abuse 0
  • Typhoon

    @3 Top 20 IMF member countries are: 1. USA 2. Japan 3. Germany 4. UK.
    5. France 6. China 7. Italy 8. Saudi Arabia 9. Canada 10. Russia 11. India
    12. Netherlands 13. Belgium 14. Switzerland 15. Australia 16. Mexico
    17. Spain 18. Brazil 19. South Korea 20. Venezuela.

    The UK's percentage of the quota is more than 3 times that of Brazil and more than 4 times that of Venezuela. Also more than twice that of India and nearly twice that of Russia. Only one that gets close is China. But it's still less!

    May 26th, 2011 - 11:46 am - Link - Report abuse 0
  • NicoDin

    @ Typhoon

    Always with the wrong old propaganda and information from the ’70. Your info from wiki is wrong and old.

    “China will become the 3rd largest member country in the IMF, and there will be four EMDCs (Brazil, China, India, and Russia) among the 10 largest shareholders in the Fund...”
    2009 Communiqué for it’s members(2 years old). Source IMF

    Quotas are calculates base on GDP size at market value (OER) and Purchasing Power Parity (PPP)

    “The current quota formula is a weighted average of GDP (weight of 50 percent), openness (30 percent), economic variability (15 percent), and international reserves (5 percent). For this purpose, GDP is measured as a blend of GDP based on market exchange rates (weight of 60 percent) and on PPP exchange rates (40 percent)” Source IMF

    China last year has taken over Japan and become the 2nd largest economy in the world measured in OER and PPP. USD 5.88 trillions(OER) and USD 10.1 trillions(PPP).

    And Brazil expanded it GDP over 2 trillions dollars (the size of Britain)

    So China quota is bigger than Japan quota.

    Also China, Brazil and Mexico have contributed with loans to IMF during the crisis expanding IMF capacity to lend money about 250bn in bilateral borrowing agreements (by buying SDRs).

    May 27th, 2011 - 06:23 am - Link - Report abuse 0

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