IMF Managing Director Christine Lagarde called the US to approve the IMF’s 2010 Quota and Governance Reforms by year end

In her statement issued on December 12, 2014 IMF Managing Director Christine Lagarde called the US to approve the IMF’s 2010 Quota and Governance Reforms by year end:

“Adoption of the reforms remains critical to strengthen the Fund’s credibility, legitimacy, and effectiveness, and to ensure it has sufficient permanent resources to meet its members’ needs.

“I have now been informed by the U.S. Administration that the reforms are not included in the budget legislation currently before the U.S. Congress. I have expressed my disappointment to the U.S authorities and hope that they continue to work toward speedy ratification.

“As requested by our membership, we will now proceed to discuss alternative options for advancing quota and governance reforms and ensuring that the Fund has adequate resources, starting with an Executive Board meeting in January 2015.” – she said.

Statement by IMF Managing Director Christine Lagarde on IMF Quota and Governance Reforms