Twenty countries critical of the United States blocking the reform of the International Monetary Fund

Meetings of the International Monetary Fund (archive)
Saturday, April 18, 2015 / 13:57
24 - dpa

Criticized the Group of 20 developed and emerging economies of the United States, Friday, due to obstruction of the reforms on the level of increase IMF resources, and give China and other emerging economies, the opportunity to participate in decision-making within the management of the Fund.

In an interview on the sidelines of the International Monetary Fund, the semi-annual, in Washington, said the finance ministers and central bankers in developed and emerging economies, in the world that they "feel deeply disappointed, with constant delays" in the implementation of the International Monetary Fund reforms, agreed in 2010 .

Vote

The bill remains stalled in the US Congress, and lawmakers objected to increase commitments to finance the International Monetary Fund, and to reduce the weight of the United States vote in the Council of the International Monetary Fund, and increase the weight of China's private vote.

A statement issued by the Group of Twenty: "Recognizing the importance of these reforms, the credibility and legitimacy and effectiveness of the International Monetary Fund, We reaffirm that the implementation of these reforms is our highest priority."

The statement continued, "We continue to urge the United States to ratify the 2010 reforms as soon as possible."

The proposed group, and between members of the United States, a temporary solution restores and "meaningfully" allocation of shares of the International Monetary Fund, at least to give some economies advancing rapidly developing countries weights vote, to better reflect its importance in the global economy.

Competitor Bank

Beijing is particularly frustrated by the delay in Washington in implementing reforms, and is considering support for the Asian Development Bank to attract attention not only from within Asia but also from Europe and Canada.

Some look to the bank, which will be a constituent in 2015, as a potential rival to the International Monetary Fund, which is dominated by the United States and the World Bank and the Asian Development Bank also dominated by Japan.


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