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Finance minister: Proposed IMF voting changes don't go far enough
2006-09-07 03:35:10 THE ASSOCIATED PRESS

HANOI, Sept. 7 (AP) -- China supports proposed changes to the International Monetary Fund's voting rights system, China's finance minister said Thursday, but said the reforms don't go far enough to empower some developing regions.

"We welcome the changes as a good start," Jin Renqing said on the sidelines of a gathering of finance ministers from the 21-member Asia-Pacific Economic Cooperation forum. "But it doesn't strengthen the rights of the developing regions, especially Africa, enough."

The IMF executive board has recommended two phases of reform to its board of governors, which is expected to vote on the proposals at the fund's annual meeting Sept. 19-20 in Singapore.

Initially, the IMF would grant a greater role to China, Turkey, Mexico and South Korea _ countries considered to be the most underrepresented.

Over two years, the fund also plans to reconfigure voting shares for other members, including poor African nations and fast-growing countries such as Malaysia and Indonesia.

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