December 16, 2015 / 6:10 PM / 4 years ago

U.S. Congress set to vote on IMF reforms

WASHINGTON, Dec 16 (Reuters) - U.S. lawmakers are set to vote on reforms to boost the representation of emerging markets at the International Monetary Fund after lawmakers included the long-delayed changes in a deal overnight.

The deal to keep the U.S. government operating through next September contains a change to put Brazil, China, India and Russia among the IMF’s top 10 shareholders and give emerging markets more influence at the global lender.

Plans agreed in 2010 to give emerging markets more voting power and double the Fund’s resources have been delayed as the U.S. Congress had not approved the changes.

The reforms are the biggest change in the governance of the Fund since it was established and are a recognition of the increasing role that emerging markets play in the global economy.

IMF spokesman Gerry Rice said the Fund took note of the language in the spending bill. “We look forward to the outcome of the legislative process,” he said.

The House of Representatives is expected to vote on Friday on the legislation. (Reporting by Krista Hughes; Editing by James Dalgleish)

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