AKIPRESS.COM - Lower house of Kazakhstan's parliament has ratified today the amendments to the Articles of Agreement of the International Monetary Fund.

Board of Governors of the International Monetary Fund (IMF) approved a package of reforms of the Fund's quotas and governance. These reforms represent a major realignment in the ranking of quota shares that better reflects global economic realities, and a strengthening in the Fund’s legitimacy and effectiveness. The reforms protect the quota shares and voting power of the poorest members.

In addition, Board of Governors of IMF adopted the Articles of Agreement to Expand the Investment Authority of IMF. The amendment expands the authority of the Fund regarding the use of currencies and investments.

The amendments to the IMF Articles of the Agreement on Fourteenth General Review of Quotas and Reform of the executive board was approved.