The U.S. Congress was going to approve IMF reform


Moscow. December 17. U.S. lawmakers agreed to approve the reform of the International monetary Fund, the decision about which was accepted by the leaders of the group of 20 five years ago, according to The Wall Street Journal.

As part of the reform in the organization must increase the representation and voice of developing countries, particularly China, India, Brazil, Turkey.

Because of the opposition of Republicans in the U.S. Congress, the practical implementation of these changes which must reflect the growing weight of developing countries in the global economy, was constantly postponed.

Ratification of a bill on the reform of the IMF was included on Wednesday in a compromise agreement between the Republicans and Democrats in Congress, the newspaper said.

The leaders of the BRICS countries at the meeting in Antalya in November re-emphasized the need for early conclusion of the first stage of IMF reforms that should strengthen its legitimacy.

In favour of changing the quota strongly supported by the head of the IMF Christine Lagarde. Once she even said jokingly that it is ready to perform a belly dance in front of American legislators, if it helps to ratify the agreement.

As a result of redistribution of quotas, China will become the third largest shareholder of the IMF, while the US will retain the number of votes allowing them to have veto power in the organization.