- North Korea blows up roads, rails to South
- Thomas Tuchel set to be unveiled as new England manager - reports
- Russia working to undermine Moldova vote: US
- Trump says 'obnoxious' tariffs will bring factories to US
- Russia, China step up cybercriminal recruitment, warns Microsoft
- Kylian Mbappe 'shocked' to see name linked to Swedish rape investigation - lawyer to AFP
- Giant pandas flown to US from China aboard 'Panda Express'
- Sri Lanka level T20 series with record-breaking West Indies win
- French footballer Ben Yedder on trial for sexual assault
- India foreign minister in arch-rival Pakistan for rare visit
- Restored 'Apollo Belvedere' marble back on show in the Vatican
- Lagos festival dances to Nigerian icon Fela Kuti's beat
- Italian PM hails 'courageous' Albania migrant deal
- 'Tragedy in Jabalia' as Israel army tightens siege in north Gaza
- Draft UN climate pact leaves open thorny question of money
- Two giant pandas arrive in US from China aboard 'Panda Express'
- Musiala and Upamecano return to Bayern training
- Wirtz return 'unclear' after injury on Germany duty
- Ghulam says 'wait is over' after century on Pakistan debut
- Boeing to raise up to $25 bn as strike weighs on finances
- Two giant pandas arrive in US from China
- Japan hold Australia, S. Korea and China win in World Cup qualifying
- Mbappe's golden-boy image takes a hit amid negative headlines
- Hezbollah threatens to attack targets across Israel
- Oil prices fall on easing Middle East fears
- Wales lock Jenkins to miss November Tests with 'horrible' injury lay-off
- France to play Israel in Paris and allow fans in
- Twin panda cubs to make public debut at Berlin zoo
- Scotland's Kinghorn maintains Lions 'dream' despite Toulouse clash
- Pakistan debutant Ghulam hits century to defy England in second Test
- Boeing announces intention to raise up to $25 bn
- Tuchel 'in talks with FA' over England manager's job
- Dutch rider Lavreysen targets record at world track championships
- Bangladesh suspend Hathurusingha as coach after alleged assault
- Russian Olympic chief announces surprise resignation
- Ferguson to leave Man Utd ambassador role as club cuts costs
- Turkish govt defends tax plan to fund defence industry
- Oil prices tumble on easing Middle East fears
- Eidevall quits as Arsenal Women head coach
- US, Philippines launch war games after China's Taiwan drills, ship collision
- Swedish prosecutor confirms 'rape' probe without naming Mbappe
- England dismiss Ayub but Pakistan reach 173-3 at tea in second Test
- Israel vows to put 'national interest' first in response to Iran attack
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Mbappe-PSG salary row faces hearing as France captain cited in 'rape' report
- K-pop star tells South Korea lawmakers of workplace bullying
- Ex-Wallabies captain Elsom denies wrongdoing after arrest warrant
- Pakistan 79-2 at lunch in second England Test after Leach strikes
- Hopes pinned on peace across Taiwan Strait after drills
- Valencia fans leave Singapore with 'stern warning' after protest
CMSC | 0.92% | 24.92 | $ | |
SCS | 0.95% | 13.105 | $ | |
CMSD | 0.83% | 25.189 | $ | |
BCE | 2.66% | 33.45 | $ | |
RIO | -1.42% | 66.755 | $ | |
NGG | 0.39% | 67.15 | $ | |
BCC | 0.89% | 144.27 | $ | |
GSK | -0.28% | 39.02 | $ | |
BTI | -0.13% | 35.405 | $ | |
RYCEF | 0.28% | 7.05 | $ | |
RBGPF | 1.67% | 60.5 | $ | |
JRI | -0.37% | 13.0389 | $ | |
VOD | -0.21% | 9.66 | $ | |
BP | -3.86% | 30.802 | $ | |
RELX | 1.73% | 48.215 | $ | |
AZN | -0.31% | 77.86 | $ |
IMF agrees funding boost, extra Africa board seat
The IMF announced Saturday member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973.
Boosting the International Monetary Fund's quota resources and giving Africa a bigger voice within the institution were among the priorities of the week-long talks of the IMF and World Bank in Marrakech, Morocco.
Spanish Economy Minister Nadia Calvino, who chairs the IMF Financial Committee, said at a press conference that there was "agreement on a meaningful increase of quotas by the end of the year."
The quotas, which are based on the size of a country's economy, determine how much funding a nation should provide to the IMF, its voting power and the maximum amount of loans it can obtain.
IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's meetings to urge members to step up funding so their institutions can better support nations hit by poverty and climate change.
The conflict between Israel and Palestinian militant group Hamas has raised concerns about its impact on already weak global economic growth in the wake of the Ukraine war, elevated inflation and high interest rates.
Georgieva said the agreement on quotas was "very heartwarming."
The goal, she said, was "to make the fund strong financially in terms of our ability to step up should we be hit by yet another shock."
Asked when the IMF will change its voting shares, Georgieva said: the "membership has agreed that this is going to be the next step and that there will be a clear pathway and plan to go there."
Giving countries like China, which is now the world's second biggest economy, a larger voting share has been a controversial issue.
China has a 6.08 percent share of votes compared to 6.14 percent for Japan, the third global economy.
"At some point, a revision of the IMF's quota distribution will be inevitable," French central bank governor Francois Villeroy de Galhau said in Marrakesh on Wednesday.
"But the emerging countries that will benefit from this -- including China -- will have to accept common rules of the game," he said.
While voting shares were not changed, the IMF agreed to expand its executive board from 24 to 25 members to give Africa another seat.
Sub-Saharan Africa will now have three executive board members instead of two.
"I will finish with what warmed my heart the most: uniform support for a third African chair on our executive board," Georgieva said.
"That is so important for meetings that take place on African soil," she said.
"Despite all the difficulties I can only praise our members for finding this pathway to solidarity on which hundreds of millions of people depend."
A.Malone--AMWN