Zuma calls for IMF reform

JOHANNESBURG – President Jacob Zuma has called for the reform of the Bretton Woods institutions – the World Bank and the International Monetary Fund (IMF).
These institutions, tasked with the global governance of the world’s economy, are accused of lacking impartiality and pandering to Western interests. The IMF in particular is a case in point.

Speaking on Sunday at the G20 summit in Toronto, Canada, Zuma spoke about the pressing need to reform the IMF timely.He said: ‘Our reform of the World Bank shows that the slow movement on IMF reform is not necessary.’Our strongly held view is that quotas must shift to developing economies, as their need for the IMF resources is higher.’He also set out how he believes the IMF could be reformed, by reconstituting its board so that it could have more members from developing countries.The president also urged urgency on the matter. He said: ‘We need to work towards being ready to deliver a package of the IMF reforms at the South Korea Summit.’We have a good opportunity to take this matter forward in a manner that will seriously assist the movement towards a more just economic order in the world,’ said Zuma.- I-Net Bridge