SA to lobby for fair IMF quotas

South Africa is to lobby the International Monetary Fund (IMF) for a fairer voting system to give smaller African countries a greater say within the institution, South African Reserve Bank governor Tito Mboweni said on Tuesday. Addressing the parliament finance portfolio committee Mboweni said that there needed to be a more equitable distribution of power among all 182 powers. He said that the a proposed review of the quota system would “severely reduce” the voting power of many African countries. “South Africa and Nigeria will become very significant while others will decline,” he said. Currently 43 African countries are represented on the two constituencies of the IMF and the World Bank giving them a total shareholding of 4.38 percent.