Nusa Dua, Bali (ANTARA News) - Developing southeast Asian countries should have larger share in the International Monetary Fund (IMF) to give them greater say in the multilateral financial institution, its Executive Director for the southeast Asian region Juda Agung has said.
"I represent 13 southeast Asian countries, which are still under-represented. We want the countries together with other developing nations to have larger quota," Juda told reporters here on Saturday.
He said discussion is in process on the IMF share split through the agenda of Quota General Study the 15th.
He said there has not been agreement in the process of the study in the annual meeting of IMF-WB 2018.
However, he expected there would be decision on additional quota for developing countries in the next annual meeting of the IMF and WB in 2019.
He said the agenda of changing the IMF quota for its members emerged with the need for the institution to strengthen its sources of income to be ready with fund in the event of global crisis.
] He pointed to the crisis which has hit Argentine, saying the IMF needs to increase its reserve to help that Latin American country.
"In addition, developing nations are still under-represented," Juda said.
The quota of its member countries are the main sources of funds for IMF, he said, adding big economies have larger share in IMF, therefore, they have to contribute bigger.
He said developing countries such as China, India, Brazil, and Indonesia, have shares lower than they should have in IMF.
Based on the official record of the IMF, the total quota is around 475.57 billion Special Drawing Rights (SDR) or US$645 billion with capacity of credit source of US$652 billion. Indonesias quota is 4.64 billion SDR with a voting contribution of 0.98 percent.
Source: ANTARA News