IMF chief disappointed with US spending bill
WASHINGTON (AP) — The head of the International Monetary Fund says she is disappointed the U.S. Congress did not agree to provide funding aimed at strengthening the influence at the lending organization of countries like China that are playing an increasingly significant role in the global economy.
But Christine Lagarde said Tuesday she understands the Obama administration will keep pressing lawmakers to act, and she is “hopeful that this will happen.”
Reforms passed in 2010 would reallocate the voting weight that each country wields in the IMF. But the reforms cannot go into effect until Congress approves shifting $65 billion that the U.S. provided to an IMF emergency fund into the organization’s permanent reserves.
The $1.1 trillion proposed spending bill that emerged from Congress on Monday did not include this measure.