China, India and Russia will soon speak with a louder voice at the International Monetary Fund. After years of opposition, the US Congress has dismantled the final barrier to reforms that will give the emerging-market powers more say in the affairs of the 188-nation global crisis lender.
The IMF reforms are part of a $1.1 trillion spending package approved by Congress on Friday, and now due to signed into law by President Barack Obama.
Adopted in 2010 by the international community, the reforms were expected to take effect in 2012. But with the US holding by far the largest share of voting rights at the IMF, Congress’s refusal to approve the reforms had held up their implementation, to the consternation of IMF management and members.
The blockage has been a sore point between the Obama administration and the Opposition Republicans who control Congress.
Republicans had rejected the slightest favourable gesture toward the organisation, an object of criticism for its largesse toward Greece.
In recent years, international summits have included a pointed reminder about the stalled reform process.
