“The IMF has sufficient reserves to meet the challenges ahead”

US Treasury Secretary Janet Yellen said today that the International Monetary Fund has sufficient reserves to meet the financial challenges ahead. That writes Reuters. Yellen is commenting, because she believes the IMF should implement reforms within its shareholders.

The reforms in question are designed to make shareholders better represent the size of the economy. In addition, Yellen said she would like to see the World Bank prepare to provide larger loans for climate and other global goals before the annual meeting between the International Monetary Fund and the World Bank in October.

She also stressed that the IMF must remain a quota-abiding institution, so that there is always a predictable flow of income, and the financial safety net remains intact.

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The last changes to the IMF share structure were made in 2010. The United States, which can veto major IMF decisions, is the largest shareholder at 16.5 percent. It is followed by Japan at 6.14 percent, followed by China at 6.08 percent, and Germany at 5.31 percent.