People’s Bank of China governor calls for faster IMF quota reform and stronger surveillance at IMFC meeting

At the 52nd International Monetary and Financial Committee meeting in Washington, DC, People’s Bank of China Governor Pan Gongsheng argued that trade frictions and geopolitical uncertainty are weighing on global growth and called for stronger international macroeconomic coordination and support for multilateralism and an open, rules-based trading system. The meeting reaffirmed support for a strong, quota-based and adequately resourced International Monetary Fund (IMF) as the core of the global financial safety net, and agreed quota share adjustments should better reflect members’ relative weight in the global economy while protecting the voice of the poorest countries, with members working on principles to guide future quota and governance reform discussions. Pan stressed that advancing IMF quota reform is critical to the Fund’s legitimacy and representativeness, urged early effectiveness of the quota increase agreed under the Sixteenth General Review of Quotas, and called for accelerated preparation of the Seventeenth review to deliver a meaningful quota share realignment. He also urged the IMF to strengthen surveillance by assessing risks from heightened uncertainty around tariff policies, tailoring policy advice to country circumstances, and paying greater attention to fiscal risks and spillovers in major advanced economies.