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US vows to implement long-delayed IMF reforms
Published in Saudi Press Agency on 18 - 04 - 2015


The US government is continuing to seek
congressional passage of long-stalled reforms to the International
Monetary Fund, Treasury Secretary Jack Lew said Saturday, according to dpa.
Agreed in 2010, the changes to the IMF's founding treaty would both
expand the crisis lender's resources and give China and other rising
economies more say in the organization's governance.
The measure remains blocked in Congress, where US legislators object
to increased commitments to the IMF, as well as to diluting the US
voting weight on the IMF board and to expanding China's vote, in
particular.
President Barack Obama has sought approval for the reforms this year,
and the administration is "seeking every possible legislative
opportunity to implement the reforms as soon as possible," Lew said
in a statement to the twice-yearly meeting of IMF members.
"We continue to believe that Congress will soon pass legislation to
implement the 2010 reforms, which are critical to US economic and
national security and global economic stability."
The Group of 20 countries blasted the United States late Friday for
blocking the 2010 reforms. The finance ministers and central bank
governors of the world's leading advanced and emerging economies said
they "remain deeply disappointed with the continued delay" in
implementing the IMF reforms.
"Recognizing the importance of these reforms for the credibility,
legitimacy and effectiveness of the IMF, we reaffirm that their
earliest implementation remains our highest priority," the G20
communique said.
The G20, in which the US is a member, proposed an interim solution
that "meaningfully" reallocates IMF shares to give at least some
fast-growing emerging and developing countries voting weights that
better reflect their importance to the global economy.
The IMF's steering committee echoed the G20 language. "We continue to
urge the United States to ratify the 2010 reforms as soon as
possible," the committee said Saturday in a statement.
Beijing in particular is frustrated at Washington's delays in
implementing the reforms and is organizing a development bank for
Asia that has drawn interest within Asia and from Europe and Canada.
The Asian bank, due to be established later this year, is seen by
some as a potential rival to the US-dominated IMF and World Bank, and
the Japanese-dominated Asian Development Bank.
"Even as new institutions emerge, I would like to underscore that the
IMF remains the foremost international institution for promoting
global economic stability," Lew said. "A well-resourced IMF is
critical to its ability to act decisively as the lender of first
resort during crises."


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