Lagarde eyes reform alternatives

International Monetary Fund chief Christine Lagarde said on Thursday the global lender may push ahead with interim steps to give emerging markets a bigger say.

October 09, 2015

Khalid Al-Suliman

 


 


LIMA — International Monetary Fund chief Christine Lagarde said on Thursday the global lender may push ahead with interim steps to give emerging markets a bigger say, despite a stalemate in the U.S. Congress over approval of broader governance reforms. Reforms agreed in 2010 would put Brazil, China, India and Russia among the fund’s top 10 shareholders, but they still need approval from the US Congress, frustrating emerging markets that pushed hard for more voting power, and prompting warnings from Europe about the dangers of US isolation. IMF policymakers have said they will come up with ideas on how to push ahead with reform by mid-December. Lagarde said time was slipping by. “If it lasts for a little longer, we will have to look at an alternative solution,” she told a news conference, adding that this would not be a substitute for full-fledged reform. One option is an ad hoc increase to the quota for key emerging economies, without requiring any change in the US position. — Reuters


October 09, 2015
HIGHLIGHTS
SAUDI ARABIA
9 hours ago

Two Saudi personnel killed, another injured in assault at Coalition base in Yemen

World
9 hours ago

Qatar pauses mediation between Hamas and Israel, awaits serious commitment from all parties

SAUDI ARABIA
11 hours ago

Month-long "Wonderland" festival to begin in Jeddah on Monday