Press Release No. 06/140

Press Release: Statement by IMF Managing Director Rodrigo de Rato and the Committee of African Governors on Voice and Representation

June 23, 2006

Mr. Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), and the Committee of African Governors on Voice and Representation met today in Madrid, Spain.¹ At conclusion of their meeting, they issued the following statement:

"The purpose of the meeting was to build consensus and support for reforms aimed at improving voice and governance of the Fund.

"Our discussions emphasized that governance reforms are at the heart of the continued legitimacy and effectiveness of the Fund; and that this is a crucial element of the IMF's Medium-Term Strategy. Governance reforms must certainly take into account the need for adequate voice and representation of African countries, where the Fund continues to play an important advisory and financing role.

"The African Governors reiterated their main concerns which are to protect Africa's voting shares and voice in the Fund; the request for an additional chair to address the heavy work load of the two Executive Directors representing sub-Saharan Africa; and the under-representation of Africans at all staffing levels.

"The Managing Director emphasized that he was committed to bringing forward to the Singapore Annual Meetings a package of reforms that could command the broad support of the membership. He reaffirmed his commitment to ensuring that, as part of the reforms, emerging and low-income member countries have an important role and voice in the governance of the Fund. To this end, both sides welcomed the opportunity to exchange views on these issues. The Managing Director and the Ministers agreed that a collaborative effort involving the entire membership will be needed to garner the necessary support for fundamental reform and to address the concerns raised by African members."

¹ Participants included the following Ministers: E. Mourad Medelci, Algeria; Jean Baptiste Compaoré, Burkina Faso; Paul Antoine Bohoun-Bouabré, Cote d'Ivoire; Paul Toungui,Gabon; Kwadwo Baah-Wiredu,Ghana; Timothy Thahane, Lesotho; Manuel Chang, Mozambique; Cheikh Hadjibou Soumaré, Senegal; and Trevor Manuel, South Africa.