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Reforms to IMF hit serious deadlock - G20 official
14:38 * 13.04.14
Reforms to the International Monetary Fund have hit a deadlock despite
a declaration from global financial chiefs that they would move
forward without the United States if it fails to ratify the changes by
year-end, Reuters reports quoting a G20 official as saying on Sunday.
The inability to proceed with giving emerging markets a more powerful
voice at the IMF and shoring up the lender's resources appeared the
most contentious issue for officials from the Group of 20 leading
economies and the representatives for all IMF member nations who met
over the weekend.
In a final communique, G20 finance ministers and central bankers said
they were "deeply disappointed" with the U.S. delay.
"Some said that we need to give the U.S. more space," the official,
who participated in the G20 talks and spoke on conditions of
anonymity, said. "I say we are at a dead end."
Any attempt to break the package of reforms, proposed by the G20 in
2010, would be disastrous not only for the United States, but for the
whole group, he said, because most countries have already gone through
the ratification procedures.
"If you pull the 2010 package apart, you will have to start anew," the
official said. "And this factor cannot be overcome. How to overcome
it? Nobody wants to go again through this process for the second
time."
Other officials were not immediately available for comment.
Armenian News - Tert.am
From: A. Papazian
14:38 * 13.04.14
Reforms to the International Monetary Fund have hit a deadlock despite
a declaration from global financial chiefs that they would move
forward without the United States if it fails to ratify the changes by
year-end, Reuters reports quoting a G20 official as saying on Sunday.
The inability to proceed with giving emerging markets a more powerful
voice at the IMF and shoring up the lender's resources appeared the
most contentious issue for officials from the Group of 20 leading
economies and the representatives for all IMF member nations who met
over the weekend.
In a final communique, G20 finance ministers and central bankers said
they were "deeply disappointed" with the U.S. delay.
"Some said that we need to give the U.S. more space," the official,
who participated in the G20 talks and spoke on conditions of
anonymity, said. "I say we are at a dead end."
Any attempt to break the package of reforms, proposed by the G20 in
2010, would be disastrous not only for the United States, but for the
whole group, he said, because most countries have already gone through
the ratification procedures.
"If you pull the 2010 package apart, you will have to start anew," the
official said. "And this factor cannot be overcome. How to overcome
it? Nobody wants to go again through this process for the second
time."
Other officials were not immediately available for comment.
Armenian News - Tert.am
From: A. Papazian