Jamaica OKs IMF changes
Published:Thursday | August 25, 2011 | 12:00 AM
Jamaica has ratified the 2008 and 2010 amendments to the International Monetary Fund (IMF) articles of agreement and 14th general review of quotas.
Daryl Vaz, minister with responsibility for information, told journalists gathered for a post-Cabinet press briefing at Jamaica House yesterday that Finance Minister Audley Shaw has been instructed to ensure that the chief parliamentary counsel prepare an order amending the schedule to the Bretton Woods Agreement to incorporate the amendments into Jamaican law.
"Cabinet agreed that Jamaica officially accepts the amendments to the articles of agreement to the International Monetary Fund in agreement with the resolution on voice and participation of 2008," Vaz said.
The 2008 Quota and Voice Reforms of the IMF came into force in March.
The IMF has said the amendment strengthens the representation of dynamic economies in the IMF and enhances the voice and participation of low-income countries.
At the time of it going into force, then IMF Managing Director Dominique Strauss-Kahn said "the implementation of this reform reflects the membership's commitment to strengthening the IMF's effectiveness, credibility, and legitimacy".
He added: "The next step in this process will be for governments to ratify speedily the 2010 Amendment on the Reform of the Executive Board and to implement the quota increases to further align representation in the IMF with global economic realities," he added.
Among the impacts of the ratification of the agreement is a significant shift in the representation of dynamic economies through quota increases for 54 member countries amounting to SDR20.8 billion (about US$32.7 billion), which will become effective for those members that have consented to their increases once quota subscriptions are paid.
It will enhance the voice and participation of low-income countries through an almost tripling of the basic votes of which each member has an equal number.
A ministry paper is to be tabled in the House of Representatives on the issue.