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Stalling of IMF reforms adds to appeal of other institutions: U.S. official

WASHINGTON (Reuters) - America’s failure to authorize reforms at the International Monetary Fund is helping lead lower income countries to look for funding from alternate institutions, a top Obama administration official said on Tuesday.

“It’s not an accident that emerging economies are looking other places,” Treasury Secretary Jack Lew told lawmakers. “They are frustrated that, frankly, the United States has stalled a very mild and reasonable set of reforms in the IMF.”

Reporting by Jason Lange and Douwe Miedema; Editing by Chris Reese

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