Members of the Group of 20 (G20) have lashed out at the United States for opposing attempts to enlarge the International Monetary Fund’s resources. The US was also guilty of obstructing attempts to give China and other emerging economies greater say within the group.

By all accounts the bi-annual event was anything but staid. Finance ministers and central bank governors from 20 countries with largest GDP met to discuss IMF reforms. These reforms were agred upon in 2010, however implementation has been bogged down in the US congress.

Legislators within congress have posed objections to the increased commitments required by their country. The US is needed to increase its financing of the IMF while also diluting its voting weight on the board.

The dissolution of its voting power is to make way for China and other emerging economies – seen as the powerhouse economies in the next decade.

In a communique, the G20 said, “Recognising the importance of these reforms for the credibility, legitimacy and effectiveness of the IMF, we reaffirm that their earliest implementation remains our highest priority.

“We continue to urge the US to ratify the 2010 reforms as soon as possible.’

In lieu of any forthcoming ratification the G20 proposed an interim solution giving growing member-countries IMF shares commensurate with their economic power.

Doing so, say the IMF, will better reflect their importance in the global economy.

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