Emerging market countries will now have more influence and access to capital at the International Monetary Fund. More than five years after the organization's board of governors passed the quota reforms, the U.S. Congress approved them, providing the necessary majority for them to be enacted.
So what exactly does it mean to reform quotas at the IMF?
IMF member countries are each assigned a quota — a value of its share in the IMF financing system that is tied to its impact on the world economy.