Renewed push to give EM nations more IMF power

Washington

A GROUP of Asian and other "dynamic" emerging-market (EM) nations may finally be within sight of achieving more say in the Executive Board of the International Monetary Fund (IMF) after being forced to wait several years for a promised bigger place at the table.

If a renewed push to get US Congress to approve "2010 reforms" to IMF quotas and to the structure of the Executive Board succeeds, China will move up to third place behind the United States and Japan in the Fund.

China, India and the other BRIC members, Brazil and Russia, will also move up into the top 10 effective shareholders or quota holders, thus giving them significantly larger collective influence within the IMF. Others such as Saudi Arabia will see their quota sh…