Developing nations reject IMF quota proposal

Finance ministers from the Group of 24 developing countries on Friday rejected an International Monetary Fund proposal that offers to increase the voting power of a few emerging economic powers in the IMF.

G-24 officials said they would prefer a more comprehensive package of proposals with a firm deadline and called for 8220;concrete progress8221; by the next IMF meetings in Singapore in September. 8220;We would like to see a more fundamental review of the whole issue,8221; Ariel Buira, director of the G-24 Secretariat, said on Friday. 8220;The first stage would give quota increases, ad hoc increases, to a very few countries that certainly merit them; their quotas are out of line,8221; he said. 8220;But the concern is that once you do this, some countries will say you have done the reform and we don8217;t have to go back to this subject for another 10 or 20 years,8221; he added.