IMF /WB Korea to gain larger quota from IMF The 2006 IMF/WB annual general meeting is significant in that Korea will increase its quota amount. When the IMF quota will be increased, it means that Korea's phase is boosted and our right to speak is reinforced not only within the IMF, but also in international financial society. The expected increased quota amount can be predicted from the fact that the current IMF quota scale has not been reflecting Asian countries' increasing influence upon world economy and finance. Accordingly, the IMF board of directors decided to increase quotas especially of four countries.Korea, China, Mexico and Turkey on August 31 of this year. In particular, Korea has been asserting the necessity of quota readjustment at important meetings recently. Twice a year, twice the details Usually, since the annual general meeting is inappropriate in discussing specific detail themes, the International Monetary and Financial Committee/Development Committee (IMFC/DC) meeting is held two times a year. The IMFC/DC's major agenda in Singapore is expected first off to include international mutual assistance policy regarding the world economy's danger factors such as global imbalances and high oil prices. Second, through the DC meeting, lower-income country development problems are expected to be discussed intensively with a view to accomplishing the Millennium Development Goals (MDG) for the whole world. Deputy prime minister Kwon O-kyu, minister of finance and economy, Republic of Korea, is scheduled to make a keynote speech at the IMFC/DC meeting. He plans to set the tone for discussing the international economy and international finance in depth with the finance ministers of over 24 major countries including the G-7 countries and BRICs. Reinforcing Korean international influence in financial society The IMF/WB annual general meeting is held usually during two consecutive years in the United States and is held the third year in another area. Accordingly, this year's IMF/WB is scheduled to be held September 19 - 20 in Singapore, Asia's finance as well as logistics hub. The Singapore 2006 Organizing Committee, a government-led inter-agency committee, underlines that the choice of Singapore as the location for the Annual Meetings is recognition of its commitment to the International Monetary Fund and the World Bank Group, effort and progress made in the development of the financial sector, its pro-business environment and excellent infrastructure. The 2006 meetings will help further profile Singapore as a reputable financial center in the international arena, the Committee said. Through its website, the Committee further underscored that hosting the 2006 Annual Meetings also demonstrates its commitment to the International Monetary Fund and the World Bank Group. A spokesperson at the Singapore 2006 Organizing Committee called attention to the fact that Singapore's longstanding offer to host the Annual Meetings reflects its high regard for the role and importance of the Bretton Woods institutions, and its commitment to the international financial community. In a nutshell, the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and World Bank Group are the largest and most comprehensive gathering of global financial representatives in the world, and are held outside their Washington, D.C. base every third year. During the Meetings, representatives of the 184 IMF-World Bank Group member countries unite to discuss the course of global economic development and formulate underpinning policy strategies.