The head of the International Monetary Fund (IMF), Kristalina Georgieva, has called for reforms that would give China more voting power within the institution. She argues that the IMF needs to better reflect changes in the global economy, including the rise of China. Currently, China’s voting power in the IMF does not match its economic influence. Georgieva is optimistic that changes will be made in the future to address this disparity. The IMF conducts regular quota reviews to determine member countries’ contributions and voting weights. The last time changes were made was in 2010, and since then, China’s economy has grown considerably. Despite US veto power over quota decisions, Georgieva is seeking a longer-term rethink of IMF representation to ensure the institution has adequate financial resources to help struggling countries. She also defends the IMF’s involvement in climate-related issues and other areas such as health and food security. Additionally, she addresses criticism of the IMF’s oversight of countries like Argentina and Pakistan, emphasizing the importance of providing assistance in an empathetic manner.
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