G-24 speaks on IMF approval of third chair for Subsaharan Africa in executive board

The G-24 has applauded the approval of a Third chair for Sub-Saharan Africa at the Executive Board of the International Monetary Fund (IMF).

The group made this known Tuesday in a communique issued at the end of the ministers‘ meetings held at the ongoing IMF/World Bank meetings in Washington.

The communique said the approval would
strengthen the region’s voice, improve its representation, and simultaneously, reduce the workload of the region’s officials.

“Additionally, we recommend further pursuit of governance reforms in MDBs and International Financial Institutions (IFIs), to correct the regional and gender underrepresentation in their top management and senior staff positions.

“We call upon all countries to complete the internal approval procedures for the 16th General Review as soon as
possible. We await the result of the ongoing efforts to develop possible approaches for a new quota formula and we hope that it will serve as a guide for quota realignment…