Arab Today, arab today imfs lagarde disappointed by us inaction on reforms
Last Updated : GMT 08:13:18
Arab Today, arab today
Arab Today, arab today

IMF's Lagarde 'disappointed' by US inaction on reforms

Arab Today, arab today

Arab Today, arab today IMF's Lagarde 'disappointed' by US inaction on reforms

International Monetary Fund Managing Director Christine Lagarde
Washington - AFP

International Monetary Fund Managing Director Christine Lagarde said Friday she was disappointed that the US Congress failed this week to ratify crucial IMF reforms supported by other major countries.
She said the US inaction on the reforms, delayed now more than two years by Washington, would force the global crisis lender to seek other ways to build its financial resources and modernize its voting structure.
"The IMF's membership has been calling on and was expecting the United States to approve the IMF's 2010 Quota and Governance Reforms by year end," Lagarde said in a statement.
"Adoption of the reforms remains critical to strengthen the Fund's credibility, legitimacy, and effectiveness, and to ensure it has sufficient permanent resources to meet its members' needs."
"I have expressed my disappointment to the US authorities and hope that they continue to work toward speedy ratification."
The IMF was left hanging this week after US legislators failed to endorse the reforms in the final budget legislation of the year.
With the White House supportive of the reforms, the IMF had held out hopes that a ratification would be included in the huge budget bill that was passed late Thursday.
But Republicans in Congress prevented the bill from including Congressional endorsement.
Washington officially supported the reforms in 2010 when they were formulated. As the IMF's largest single shareholder by far, the US ratification is essential to get the necessary endorsement of 85 percent of the membership by voting power.
Lagarde earlier this year said IMF staff were putting together options for a "Plan B" in case US ratification failed. She said Friday that the IMF would move in that direction beginning next month.
"As requested by our membership, we will now proceed to discuss alternative options for advancing quota and governance reforms and ensuring that the Fund has adequate resources, starting with an Executive Board meeting in January 2015," she said.
Earlier Friday China, the world's second largest economy but with only four percent of voting rights in the Fund -- barely larger than Italy's -- said it was "deeply disappointed" in the US inaction.
The 2010 reforms would have increased China's shareholding slightly, while leaving the US, Europe and Japan the dominant powers in the Fund.
"Implementing the 2010 funding and governance reform is crucial for maintaining the credibility, effectiveness and legality of the IMF," foreign ministry spokesman Hong Lei said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imfs lagarde disappointed by us inaction on reforms Arab Today, arab today imfs lagarde disappointed by us inaction on reforms

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday