China to play important role in IMF quota reform: Lagarde

lagardeWashington, (IANS) China will play an important role in the International Monetary Fund (IMF) quota reform, with the global lender boosting a better structure of the world economy, its managing director Christine Lagarde has said.

At the news conference held here on Thursday to open the IMF-World Bank Spring Meetings, Lagarde said in her next five-year term, she would push for the efforts to let IMF better mirror the global economic status, with the currently underrepresented economies to have a status better mirroring their share of contributions and participation in the global economy.

“That does not apply exclusive to China. There are other countries as well,” said Lagarde.

In February, Lagarde was selected to head the IMF for a second five-year term starting June 5.

According to Xinhua news agency, the IMF chief believed the completion of the 14th IMF Quota Review earlier this year is an important step to better mirror the global economic status, but more work should be done.

The IMF is to discuss the 15th Quota Review in the next few months and is expected to complete the review by the end of 2017.

“I am convinced that, in that context, China will play an important role, because it wants to be a player in the institution and it wants to cooperate in the international domain,” Lagarde said.

Medaram Jathara

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