IMF agrees funding boost, extra Africa board seat

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The IMF announced Saturday member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third seat on its executive board at its first meetings on the continent since 1973. While voting shares were not changed, the IMF agreed to expand its executive board from 24 to 25 members to give Africa another seat.

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IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's members to urge members to step up funding.

The conflict between Israel and Palestinian militant group Hamas has raised concerns about its impact on already weak global economic growth in the wake of the Ukraine war, elevated inflation and high interest rates.The goal, she said, was"to make the fund strong financially in terms of our ability to step up should we be hit by yet another shock."

China has a 6.08 percent share of votes compared to 6.14 percent for Japan, the third global economy.

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