IMF agrees funding boost, extra board seat for Africa

The IMF announced Saturday member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973.

The quotas, which are based on the size of a country’s economy, determine how much funding a nation should provide to the IMF, its voting power and the maximum amount of loans it can obtain. Asked when the IMF will change its voting shares, Georgieva said: the “membership has agreed that this is going to be the next step and that there will be a clear pathway and plan to go there.”

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