A small committee has been set up to investigate whether to reform the IMF‘s formula for allocating votes between countries on its Board. The quota formula includes items which are subjective and are biased against developing countries which want to see more weight given to national income and population. The committee will report to the Board this summer.
In the news
Last year BRICS' leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do and what it should look like.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).