Re­forms to IMF hit se­ri­ous dead­lock

Daily Trust - - BUSINESS -

Re­forms to the In­ter­na­tional Mon­e­tary Fund have hit a dead­lock de­spite a dec­la­ra­tion from global fi­nan­cial chiefs that they would move for­ward with­out the United States if it fails to rat­ify the changes by year-end, a G20 of­fi­cial said on yes­ter­day.

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 over the weekend.

In a fi­nal com­mu­nique, G20 fi­nance min­is­ters and cen­tral bankers said they were “deeply dis­ap­pointed” with the U.S. de­lay.

“Some said that we need to give the U.S. more space,” the of­fi­cial, who par­tic­i­pated in the G20 talks and spoke on con­di­tions of anonymity, said. “I say we are at a dead end.”

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