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Korea Pushes for Bigger Say in IMF-The Korea Times November 6, 2005
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작성일: 05/11/07
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The inadequate representation of emerging market countries like South Korea is
weakening the legitimacy of the International Monetary Fund (IMF) in advising
member states, the fund's executive director said Friday.
Oh Jong-nam, a South Korean economic official now serving on IMF's executive
board, emphasized the current governance arrangements at the IMF do not take
into account the significant changes in these countries.
``The under-representation of countries such as Korea, Turkey and Mexico
clearly shows how their actual quota shares are significantly out of line relative to
their economic importance,’’ he said in his speech at the IMF's roundtable
discussion.
``The legitimacy of the IMF is challenged, as membership no longer fairly
represents members,’’ he said.
South Korea is one of the nations urging adjustments in member quotas at the
IMF. The Asian country, now the world's 11th largest economy, exercises only
0.77 percent of the total votes, ranking 28th among 184 members.
South Korea's gross domestic product (GDP) per capita was $67, making it one
of the poorest members, when it joined the IMF in 1955. GDP last year was
around $14,000.
James Boughton, a historian with the IMF, said a quota adjustment can be done
despite the wide disagreements within the body.
The Korea Times / November 6, 2005
05/11/07
20672번 읽음
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