WASHINGTON, April 9 The failure of the U.S.
Congress to approve International Monetary Fund reforms
diminishes the United States' global standing and is deeply
disappointing, Australian Treasurer Joe Hockey said on
Hockey said reforms agreed by the Group of 20 bloc of
advanced and developing nations in 2010 would have doubled the
IMF's resources but they were now stuck in limbo because of an
impasse in the U.S. Congress.
"I am deeply disappointed that the IMF quota and governance
reforms that the G20 agreed to in 2010 have still not been
implemented and that the path forward for ratification is now
highly uncertain," he said at an event organized by Johns
"The failure to finalize this issue diminishes America's
global standing instead of enhancing it."
Australia chairs the G20 this year and Hockey said there
would be a joint meeting of G20 nations and the IMF's
International Monetary and Financial Committee on Friday to work
on practical solutions to the problem.
(Reporting by Krista Hughes; Editing by Paul Simao)