Global Finance Magazine quotes Global Business and Economics Program Director Andrea Montanino on the upcoming meetings of the World Bank and the International Monetary Fund and what items are on the top of the agenda for emerging market nations:
It’s a contentious issue, one that could alter the face of the two multilateral institutions. So far, efforts to reform the governance of the Fund and the World Bank have stalled, disillusioning authorities in some emerging markets countries. But with the advent of two rival organizations—the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank Brics—those officials have a great deal more leverage in the discussions.
“This subject has been on the table for a while,” says Andrea Montanino, global business and economics program director at the Atlantic Council in Washington. “But with the new Asian Infrastructure Investment Bank and Brics Bank, it is going to be front and center.”
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With the future role of the IMF hanging in the balance, officials have been looking into an interim solution that doesn’t require US approval. “This would clearly not be fully satisfactory for emerging market economies,” says Montanino, who is a former executive director of the IMF, “But at least it would show good will on the part of the Fund.”