April 9, 2014 / 6:50 PM / in 5 years

Australia treasurer 'disappointed' at U.S. impasse on IMF reform

WASHINGTON, April 9 (Reuters) - 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 Wednesday.

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 Hopkins University.

“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)

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