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Cabinet approves IMF finance and quota reform

The Swiss cabinet has approved amendments to the Articles of Agreement of the International Monetary Fund (IMF) which changes the institution's voting structure.

This content was published on August 27, 2008 - 21:07

It also passed on Wednesday a financing reform which consists mainly of a more active management of the Fund's reserves.

The voting reform aims to better align the quotas of member countries with their current position in the world economy. The finance ministry said emerging countries in particular would benefit from this.

Regarding the reform of the IMF's financing, together with the expenditure savings amounting to approximately ten per cent over three years which have already been agreed, the finance ministry said this should permit the IMF to achieve a balanced budget.

The ministry said it was important to Switzerland that the IMF, with its near-global membership, remain an efficient and adaptable institution.

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