(MENAFN- Kuwait News Agency (KUNA)) As the International Monetary Fund's (IMF) first day of spring meetings came to a close here Friday, G20 finance ministers expressed frustration that Congress had not yet passed legislation that would increase the IMF's lending capability, as well as provide growing economies like Brazil and China greater influence in its decision-making
The bill has been sitting with U.S. lawmakers since 2010. Among the proposals within it is a transfer of USD 63 billion from America's contribution to the fund into a permanent IMF account. That way Congress would no longer have the authority to block loans, as it did with Ukraine and a USD one billion aid package earlier this month
"We are all very disappointed by the ongoing failure to bring these reforms to conclusion," said Australia's Treasurer Joe Hockey, who is Chair of the Group of Twenty Finance Ministers and Central Bank Governors (G20) this year. "They have consistently been blocked by the U.S. Congress and I will take this opportunity to urge the U.S. to implement these reforms as a matter of urgency." The U.S. is the IMF's largest member and has 16.7 percent of the vote. Any changes to the institution require 85 percent of voting shares
"We understand that IMF membership entails benefits and responsibilities, and we are working to fulfill our pivotal responsibility with respect to the implementation of the 2010 quota and governance reforms," said Secretary of the Treasury Jack Lew in his remarks. "The Obama Administration remains fully committed to securing legislation to back the IMF and update the Fund's governance to reflect the global economy."
"While the legislation has not passed, there is important bipartisan support for taking action," he added. "We have included proposed legislation in the President's Fiscal Year 2015 budget request, and we will continue to work actively with Congress to enact the necessary legislation this year." The IMF spring meetings continue through April 13.
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