China will allocate 43 billion dollars for IMF

China will allocate 43 billion dollars for the IMF, reported Reuters, citing an anonymous source at the summit of G20 in Los Cabos.

China supports the IMF’s reforms, which were approved in 2010. The new rules will allow developing countries with large foreign exchange reserves to strengthen the influence on decision making in the IMF. Chinese official noted that China’s future contributions to the IMF will depend on the needs of the fund, the world economy and China’s votes in the voting in the IMF.

Previously, the BRICS states (Brazil, Russia, India, China and South Africa) issued a joint statement also called for reform of IMF governance.

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