Nairobi — African Finance ministers want more voting powers within the International Monetary Fund (IMF), the international organisation that oversees the global financial system.

They want IMF Articles of Agreement amended immediately to provide for a significant increase in basic votes to help achieve this objective. The Articles govern the running of the fund.

"Africa needs to participate effectively in the governance of the Fund, especially given the Fund's important advisory and financing role in the region," they said.

The ministers and Central Bank governors say time is ripe for tangible measures to promote diversity, including at the highest decision-making within the Fund.

Exchanging views on the ongoing reforms at the IMF

The sentiments are contained in a statement issued by IMF African Consultative Group at the conclusion of their meeting in Mozambique on Monday.

The Consultative Group of the IMF, was co-chaired by the Chairman of the African Caucus, Mr Manuel Chang, Minister of Finance of Mozambique, and Mr Rodrigo de Rato, Managing Director of the IMF.

The purpose of the meeting was to exchange views on the ongoing reforms at the IMF, in particular on the consensus and support needed for changes aimed at improving the voice and governance of the Fund.

The Group, which consists of finance ministers and central bank governors, underlined the need for the strengthening of capacity in the executive directors' offices in African countries.

They said the demand for a bigger say within the Fund should be addressed urgently.

Need for flexibility

"We agreed on the importance of diversity within the Fund through increased representation of African staff, both to reflect Africa's importance within the Fund and ensure an African perspective in the Fund's work," they said.

De Rato reiterated the priority and commitment he attached to advancing the governance agenda and reforms within the Fund.

He stressed the need for flexibility and compromise from member states so as to make faster progress on key elements of the reform package.

He reaffirmed the Fund's commitment to assisting low-income countries achieve the UN Millennium Development Goals, and ensure that, as part of the proposed reforms, poor countries play an important role the Fund's governance.