IMF reforms approved by US Congress
Christine Lagarde and People’s Bank of China welcome approval
The US Senate has approved reforms to boost the resources of the International Monetary Fund and give emerging markets a stronger voice in its decision-making.
The consent to quota and governance reforms at the IMF, approved by its board of governors back in 2010, was included in a wider budget deal sent to President Barack Obama on December 18.
One key element of the reforms is an agreement to double the subscriptions paid by the 188 members to about SDR 477 billion ($660bn). Another is the
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