(MENAFN- Kuwait News Agency (KUNA)) MARRAKESH, Morocco, Oct 14 (KUNA) -- The IMF member countries voted on Saturday to expand the membership of Fund's Executive Board to 25 by giving Africa a third seat while keeping the voting quotas unchanged.
The 48th Meeting of the IMF Financial Committee (IMFC) decided also to boost funding for the developing and least developing countries, Chair of the Committee and Spain's Finance Minister Nadia Calvino said in a joint symposium with Managing Director Kristalina Georgieva.
On her part, Georgieva hailed today's vote, saying, "I will finish with what warmed my heart the most: uniform support for a third African chair on our executive board."
"That is so important for meetings that take place on African soil," Georgieva said, adding "Despite all the difficulties I can only praise our members for finding this pathway to solidarity on which hundreds of millions of people depend." (end)
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