US Congress fails to sign off on IMF reforms
An historic push to modernise the International Monetary Fund (IMF) lost momentum yesterday as the US House of Representatives declined to ratify a sweeping reform package that was largely crafted by the US itself.
The Republican-led body left out an increase in the country's IMF quota – a key requisite for reform – from its proposed $1.01 trillion spending bill for FY 2014, defying pressure from the Obama administration, but also leading business groups and Republican establishment figures.
Des
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