The Netherlands is right to demand it keeps its seat on the board of the International Monetary Fund despite a decision to give more say to developing economies, the Dutch representative at the IMF, Age Bakker, said on Sunday.
‘The Netherlands is one of the top 10 countries in the world in terms of trade, the size of its financial sector and development aid,’ Bakker told news agency ANP on the fringes of the IMF’s annual meeting in Istanbul. ‘In addition, we have the 16th biggest economy in the world, so we fall well within the magic total of 20.’
The Netherlands currently represents 13 countries without a seat – including Ukraine, Romania, Bulgaria and Israel – as well as itself at the IMF.
The G20 has agreed to shift 5% of the IMF’s voting power to developing economies on condition that they increase their contributions. But developing countries want at least 7% of the say in the organisation.
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IMF members make little headway on power shift
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