G20 chair criticizes U.S. Congress on failure to pass IMF reforms
Friday, April 11, 2014 - 00:58
April 11 - G20 chair criticizes U.S. Congress on failure to pass long-delayed IMF reforms. Rough Cut (no reporter narration).
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STORY: Australian Treasurer Joe Hockey on Friday criticized delays in implementing IMF reforms agreed by the Group of 20 bloc of advanced and developing nations in 2010, which he said were the fault of the U.S. Congress.
"We're all very disappointed by the ongoing failure to bring these reforms to a conclusion," said Hockey, who chairs the G20 this year. "They have consistently been blocked by the U.S. Congress and I'll take this opportunity to urge the United States to implement these reforms as a matter of urgency.
He added, "But we've also decided that if the reforms are not ratified by year end, we will trigger a process to examine alternative options to improve IMF representation."
Hockey's remarks came after a joint meeting of G20 nations and the IMF's International Monetary and Financial Committee. The changes would give more power to emerging-market countries such as the BRICS - Brazil, Russia, India, China and South Africa. They would also increase the IMF's resources.
An effort to get the U.S. Congress to approve the reforms was dropped last month because it could have held up a bill providing aid to Ukraine. Some Republican lawmakers have complained that the reforms would cost too much at a time of deficits and budget cuts or lessen U.S. influence at the IMF, which supporters of the reforms denied.
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