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US official warns on failure to ratify IMF reforms

US official warns on failure to ratify IMF reforms

A senior U.S. Treasury Department official told lawmakers that further delay by Congress to ratify International Monetary Fund reforms could undermine U.S. influence.
Aiming to give developing countries more power at the institution, the reforms passed within the IMF more than two years ago would reallocate the quota, or voting weight, that each country wields. But they cannot go into effect until Congress approves shifting $65 billion dollars that the U.S. provided to an IMF emergency fund into its permanent reserves.
At a Senate hearing Thursday, Lael Brainard, Undersecretary of the Treasury for International Affairs said: "The fact that we are the only thing standing in the way of the IMF completing the quota and governance reforms is something that over time could overtime erode our standing."


Updated : 2021-02-27 06:38 GMT+08:00