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WASHINGTON, Jan 31 2013 (IPS) - The International Monetary Fund (IMF) has announced that it will miss an internal deadline to agree on a new formula by which to apportion voting rights in the 188-member institution.
According to a report by the Fund’s Washington-based executive board made public on Thursday, discussions over the past year “have provided important building blocks for agreement on a revised quota formula that better reflects members’ relative positions in the global economy.” But a deadline to agree to a new formula by this month has now passed.
The announcement marks a potentially significant stumbling block in a...