MOSCOW Feb 16 The Obama administration is
hoping to move ahead shortly with legislation to finalize IMF
voting reforms agreed in 2010, which will make China the
third-largest voting member in the global financial institution,
a senior U.S. official said on Saturday.
The official, speaking at the end of a Group of 20 meeting
of finance ministers in Moscow, said the administration was
actively discussing legislation with relevant members of
The 2010 package cannot be finalized until it gets the
go-ahead from the United States, which has effective veto power
over the historic deal that was meant to have been approved by
all IMF member countries in October last year, but was stalled
by the U.S. presidential election.
It is part of a broader plan by the IMF to give emerging
market powers greater voting clout in the organization.
China, Brazil and other large emerging market economies have
long contended that the IMF's voting set-up unfairly benefits
Europe and the United States, which dominated the IMF since its
founding after World War Two.