WASHINGTON–The head of the International Monetary Fund says she is disappointed the US Congress did not agree to provide funding aimed at strengthening the influence at the lending organisation of countries like China that are playing an increasingly significant role in the global economy. But Christine Lagarde said 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 US$65 billion that the US provided to an IMF emergency fund into the organisation's permanent reserves.The US$1.1 trillion proposed spending bill that emerged from Congress on Monday did not include this measure.
AP