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To reform package, IMF chief Lagarde urges US

Washington, Fri, 20 Sep 2013 NI Wire

To overcome political differences for speeding up its approval process of the agreed IMF governance and quota reforms, The International Monetary Fund (IMF) Managing Director Christine Lagarde has called on the US.

According to sources, Lagarde said at US Chamber of Commerce , "In this increasingly interconnected world, "the IMF is currently working toward a set of governance reforms that will strengthen further our capacity to prevent and resolve crises."

"These 'quota''reforms need the support of all our member countries - including the United States," she added.

On Dec 15, 2010, the IMF's Board of Governors approved a quota and governance reform package.

It included a doubling of IMF quotas and a shift in quotas to dynamic emerging markets and under-represented countries, and a proposed amendment to reform the executive board that would facilitate a move to a more representative and all-elected executive board.

But the legislatures of some important IMF members including the US, the IMF's largest shareholder, have not given the green light to the reform package. Legislation of the US Congress is needed to implement the reforms.

Lagarde noted that the global growth remains "subdued" despite "some signs of recovery," adding the IMF will release its updated forecast for the global economy ahead of its annual meetings in October.

(With inputs from IANS)

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