Boost for role of major Asian economies in the IMF

Tokyo

GOVERNANCE reforms enhancing the "voice and votes" of China and India, among other emerging economies within the International Monetary Fund have begun to take effect this week, while the IMF's capital base is also being beefed up significantly.

This follows last month's landmark agreement under which the US Congress finally ratified an agreement reached in 2010 by the IMF Board of Governors but which has not been implemented until now because of Congressional delays.

Under the agreement, the "quotas" or shares of permanent capital of each of the IMF's 188 members will increase to a combined total of 477 billion Special Drawing Rights or SDRs - around US$660 billion - from about 238.5 …