IMF reforms remain undone
Countries tagged as emerging markers have complained about the slow process of sharing power with them in the International Monetary Fund. The multilateral financial agency had said it would make changes to provide emerging markets greater participation in the decision-making process. This had become a part of the regular agenda since the 2012 deadline was imposed.
One of the changed already done installs China as the Fund's third largest member. Another move was to decrease European representation on the board of IMF.
One of the loudest howls comes from India, According to Indian Prime Minister P Chidambaram, through a statement, "Why does this problem remain with us in meeting after meeting? Also, there is no clarity, even after the passage of a year, as to when this will be finally achieved."
The reforms have remained undone because the United States, the fund's largest and most powerful member, had not ratified them and this may remain in limbo in light of the current gridlock in the US Congress.
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