Obama proposes $100 bln in U.S. funding for IMF

WASHINGTON, April 20 Mon Apr 20, 2009 6:29pm EDT

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WASHINGTON, April 20 (Reuters) - U.S. President Barack Obama on Monday proposed $100 billion in additional U.S. funding to boost the resources of the International Monetary Fund and urged increased voting power for major emerging economies.

In a letter to U.S. congressional leaders, Obama said the U.S. funding "does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets." (Reporting by Lesley Wroughton; Editing by Leslie Adler)

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