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US congress push to implement IMF reforms

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1US congress push to implement IMF reforms Empty US congress push to implement IMF reforms Fri Oct 30, 2015 12:17 am

Vaughn Carey

Vaughn Carey
US congress push to implement IMF reforms

   Friday 30 October 2015 - 2:34am

   File: International Monetary Fund managing director Christine Lagarde during an IMF summit. The IMF executive board has approved a $932 million loan programme for Jamaica. Photo: AFP

WASHINGTON - Senior U.S. officials said on Thursday they hoped to see the U.S. Congress approve reforms to the International Monetary Fund (IMF) which will give emerging markets a bigger say at the global lender.

Reforms agreed in 2010 would put Brazil, China, India and Russia among the fund's top 10 shareholders but have been held up in Congress, which must back them.

A source familiar with IMF discussions said there appeared to be a chance of a deal to pass the reforms before Group of 20 leaders meet in Turkey on November 15-16.

U.S. Treasury Under Secretary for International Affairs, Nathan Sheets, said the Obama administration was focused on getting the deal done, although he did not specify a timeframe.

"The case has been effectively made on the Hill. Senior legislators from both parties recognize the importance and I remain hopeful that we will see it," he said at the Center for Strategic and International Studies.

White House G20 adviser Caroline Atkinson said the IMF reform was very important and she continued to press for it.

The Senate appropriations committee has approved a funding bill that would also implement the IMF reforms, although the House version of the bill excludes them.

News agency Bloomberg reported on Thursday that Republican lawmaker Kay Granger, who is responsible for shepherding the House bill, said she was optimistic the two chambers could work out a compromise

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