‘Double majority’ votes prescribed for ailing IMF
Source: Choike
As more countries race to escape its tutelage, the International Monetary Fund (IMF) has been advised to implement a "double majority voting system" to salvage its teetering global standing by reforming its "democratic deficit". These voting majorities should be based on a system of one-country one-vote combined with economically weighted quotas for any decisions to be made, according to a new report by two Britain-based IMF watchdog groups, the Bretton Woods Project and One World Trust. "There is a problem at the IMF and reform is needed," Jeffrey Oathamon, one of the authors of the study, told IPS. "Reforms must recognise the political reality of existing power distribution".
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