Voting Power
Voting power in the IMF is based on a quota system. Each member has a number of “basic votes" (each member's number of basic votes equals 5.502% of the total votes), plus one additional vote for each Special Drawing Right (SDR) of 100,000 of a member country’s quota. The Special Drawing Right is the unit of account of the IMF and represents a claim to currency. It is based on a basket of key international currencies. The basic votes generate a slight bias in favor of small countries, but the additional votes determined by SDR outweigh this bias.
The table below shows quota and voting shares for IMF members (Attention: Amendment on Voice and Participation, and of subsequent reforms of quotas and governance which were agreed in 2010 but are not yet in effect.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Read more about this topic: International Monetary Fund
Famous quotes containing the words voting and/or power:
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—Henry David Thoreau (18171862)
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—Janice A. Radway (b. 1949)