US Treasury Secretary Jack lew has asked the Republican-controlled Congress to pass the IMF quota reform to give emerging markets a bigger say at the global lender, saying it is in the economic and national security interest of America.
“For years, the US has led the IMF and the multinational development system. We have been working intensively with our Congress to advance the approval of IMF quota reform, which is in our economic and national security interest. This is a question of will, not capacity,” lew said in his address to the annual fall meeting of the IMF, WB at lima in Peru.
In 2010, IMF had agreed on a set of quota and governance reforms giving more voice and say in the decision-making process to countries like China, India and Brazil. But this has not been realised so far as the US Congress has not okayed it. lew said as immediate priorities, Congress must quickly increase the debt limit and fund the Gov in a way that invests in economic growth that flows to middle class families, pass IMF quota reform.