Former Deputy Managing Director of IMF calls for greater inclusion of developing countries in the organization

Zhu MIn

Vice chairman of the China Center for International Economic Exchanges and former Deputy Managing Director of the International Monetary Fund (IMF) Zhu Min, believes that there should be a larger engagement of low-income and rising countries in the organisation’s decision-making body.

When asked recently about the IMF’s potential role in further supporting developing nations, Min responded that the organisation’s assistance for global financial stability should come first.

He also believes that the organisation, which “strives to achieve sustainable growth and prosperity for all of its 190 member countries,” should increase its capacity.

While the economist acknowledges that the financial agency of the United Nations has grown in some areas, particularly since the pandemic, he emphasised that in light of the increase in the global population, the IMF needs more resources and should keep raising capital.

Min further opined that there is a need for governance reform within the institution and called on the nearly 80-year-old agency to take on more low-income communities and emerging market experts in its decision-making process.

“This will bring in more low-income countries from emerging markets and give them more shares and increase their voice. Because today the below-income countries range about 50 per cent of the world GDP but their representation within the IMF is not of that level yet,” he said

“Because it is very clear that we do have different models in the world and the low-income countries and developing countries develop their own model and have its own experience and should be respected,” he added. “So in the  process in terms of products in terms of instruments, in terms of policies, they should take on more low-income countries and emerging markets experience into consideration “

He added that the organisation should be fair in its representation of all of its members, regardless of their economic size.

According to the organization’s website, it provides financial and other assistance to low-income countries (LICs), including a surveillance programme that provides constant monitoring of member countries’ economic and financial policies. 

Discussions with country authorities, according to the site, focus on the impact of their economic policies on stability and growth, as well as desirable policy measures, whereas capacity building typically focuses on how LICs can boost domestic revenues, manage public finances, and monetary policy, regulate their financial system, and develop statistical systems.

They note that capacity building helps IMF member countries to design and implement sound policies and to advance toward the United Nations’ Sustainable Development Goals.

Regarding the instruments available to assist LICs, the IMF states that members can access the General Resources Account for non-concessional loans. They further emphasise that the Poverty Reduction and Growth Trust (PRGT), which includes three lending facilities Extended Credit Facility (ECF), Standby Credit Facility (SCF), and Rapid Credit Facility (RCF), provides low-income members with concessional financial support.


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  1. Missie
    May 8, 2023

    IMF – International Misery Foundation is just a tool to keep you poor and dependent. Either way, they get you to participate in your own demise as if they are good guys.

  2. Ronny
    May 6, 2023

    We should be given a break and all small island countries in the Caribbean be cleared of debt. That way we will develop our capacity and GDP.

  3. Lin clown
    May 4, 2023

    Zhu Min,this man can never know more about the IMF than Ibo France and Lennox Linton.Deputy managing director of IMF,he is not even close to Dr.Sticky Fingers.

    • me
      May 5, 2023

      @ Clown
      Those that you named went to school. You can’t do better but to spill rubbish, because you are empty. Sure you did not understand the content of the message.

      • Ibo France
        May 5, 2023

        You are just right. Brother Lin is an empty vessel. We all know that empty vessels cause noise pollution. Lazy Lin pollutes this forum with his constant avalanche of horsefeathers.

        Well-loved. Like or Dislike: Thumb up 5 Thumb down 1
  4. MEME
    May 3, 2023

    This guy seem to be brilliant, because he has hidden his answer somewhere in the 12 or so paragraphs.
    Thing is the role of the IMF will continue to fall in importance as we propell into the future with the rise of BRICS+.
    This is because BRICS+ has a list of 30+ countries seeking membership this year, and another list of more countries expressing desires to join in 2024. Many of those countries were members of the IMF.
    The BRICS+ New Development Bank (NDB) rivals the IMF, it is well funded, and offers loans with less stringent measures, lower interest rates for sure…In fact one of the repayment conditions for such loans is that 50% should be repaid in the currency of the borrowing country, as countries worldwide are trying desperately hard to de-dollarize (rely less on the $US), which America uses as a weapon of war against countries it does not like!!
    So i see the IMF playing a smaller role in countries worldwide, unless something totally unforeseen happens down the road.

    Well-loved. Like or Dislike: Thumb up 4 Thumb down 0
    • Ibo France
      May 5, 2023

      I truly believe that we need to break the monopoly of having one country (USA) control of the monetary systems of the world. The US, in essence, controls the IMF and the World Bank. Thus, it exercises this leverage in many instances to force many countries
      to accept its policies and ideologies or face economic cataclysm.

      I do not support any totalitarian system of governments as in Russia, China and North Korea. These types of governments usually smother, oppress and overawe the people. However, we need to put in check America’s financial grip on the world.

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