The New CS Board

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G20 "deeply disappointed" by U.S. impasse on IMF reform

G20 "deeply disappointed" by U.S. impasse on IMF reform
Xinhua, April 18, 2015
http://news.xinhuanet.com/english/2015-04/18/c_134162109.htm

G20 finance ministers and central bank governors said in a communique after a two-day meeting that they remained "deeply disappointed" by the continued delay in implementing the 2010 IMF quota reform.

After last April's G20 meeting, G20 finance ministers set the end of 2014 as the deadline for the United States to ratify the long-delayed IMF quota reforms and threatened to move forward without it if the United States fails to do so. But U.S. Congress still hasn't approved the reform plan until now.

currently US hold a 16.75% voting power, as small as a 15% can veto a major policy from passing. The prime reason the House Republican leadership rejected the IMF quota reform

IMF Seen Side-Stepping Congress to Overhaul Fund’s Governance
1:16 pm ET Dec 12, 2014
http://blogs.wsj.com/economics/2014/12/12/imf-seen-side-stepping-congress-to-overhaul-funds-governance/

The International Monetary Fund plans to sidestep Congress after Republican lawmakers again rejected ratification of a five year-old deal to overhaul the emergency lender’s antiquated governance.

“We will now proceed to discuss alternative options for advancing quota and governance reforms and ensuring that the Fund has adequate resources,” IMF Managing Director Christine Lagarde said in a statement.


G20 discusses plans to sidestep U.S. on IMF reforms
Fri Apr 17, 2015 8:11pm EDT
WASHINGTON | BY ANNA YUKHANANOV
http://www.reuters.com/article/2015/04/18/us-imf-g20-reform-idUSKBN0N81WE20150418