US Congress fails to sign off on IMF reforms

Capitol building in Washington DC

An historic push to modernise the International Monetary Fund (IMF) lost momentum yesterday as the US House of Representatives declined to ratify a sweeping reform package that was largely crafted by the US itself.

The Republican-led body left out an increase in the country's IMF quota – a key requisite for reform – from its proposed $1.01 trillion spending bill for FY 2014, defying pressure from the Obama administration, but also leading business groups and Republican establishment figures.


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