G20 gives U.S. year-end deadline for IMF reforms
Source: Reuters
(Reuters) - Finance chiefs from around the globe on Friday gave the United States until year-end to ratify long-delayed reforms to the International Monetary Fund and threatened to move forward without it if it fails to do so.
The inability to proceed with giving emerging markets a more powerful voice at the IMF and shoring up the lender's resources appeared the most contentious issue for officials from the Group of 20 leading economies and the representatives for all IMF member nations who met with them.
In a final communiqué, G20 finance ministers and central bankers said they were "deeply disappointed" with the delay.
"I take this opportunity to urge the United States to implement these reforms as a matter of urgency," Australian Treasurer Joe Hockey told reporters on the sidelines of the IMF-World Bank spring meetings.
The reforms would double the Fund's resources and hand more IMF voting power to countries like the so-called BRICS - Brazil, Russia, India, China and South Africa.
Read more: http://uk.reuters.com/article/2014/04/11/uk-g20-economy-idUKBREA3A1S920140411
octoberlib
(14,971 posts)Last edited Sat Apr 12, 2014, 11:52 AM - Edit history (1)
paleotn
(17,778 posts)...apparently far enough to cause some angst on Wall Street, since their minions in Congress are balking on implementation. That warms my heart, but I won't be happy until the IMF is completely reconstructed so that it actually does what it was originally meant to do. That does not include being the investment guarantee entity for high risk / high return Wall Street foreign investments, where banksters are always made whole on the backs of foreign citizens, thanks to IMF imposed austerity, where high return investments aren't really risky at all, just high return, i.e. looting foreign countries. I wonder how the northern EU members of G20 feel about this, since they have a similar franchise called the ECB. Just ask the Greeks and Cypriots how that works.