Emerging countries, including Turkey, get stronger say in IMF management

The International Monetary Fund Executive Board on Friday increased Turkey's quota to 0.98 percent from 0.658, making it the IMF's 20th-largest country, as part of reforms to boost the voting power of developing economies. Six percent of the total voting powers of developed countries were shifted to emerging and developing countries, said IMF Managing Director Dominique Strauss-Kahn. With this change, "a milestone in the 65-year-long history of the IMF," emerging countries will be better represented, he added. The fairer representation in the new voting arrangement recognizes the growing roles of emerging countries in the global economy, he said.