Reforms to IMF hit serious deadlock
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.”