Voting Power
Voting power in the IMF is based on a quota system. Each member has a number of “basic votes" (each member's number of basic votes equals 5.502% of the total votes), plus one additional vote for each Special Drawing Right (SDR) of 100,000 of a member country’s quota. The Special Drawing Right is the unit of account of the IMF and represents a claim to currency. It is based on a basket of key international currencies. The basic votes generate a slight bias in favor of small countries, but the additional votes determined by SDR outweigh this bias.
The table below shows quota and voting shares for IMF members (Attention: Amendment on Voice and Participation, and of subsequent reforms of quotas and governance which were agreed in 2010 but are not yet in effect.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Read more about this topic: International Monetary Fund
Famous quotes containing the words voting and/or power:
“Its not the voting thats democracy, its the counting.”
—Tom Stoppard (b. 1937)
“The wise man should withdraw his soul within, out of the crowd, and keep it in freedom and power to judge things freely; but as for externals, he should wholly follow the accepted fashions and forms.”
—Michel de Montaigne (15331592)