WASHINGTON: The emerging economies of the G24 group sharply criticised the United States on Thursday for holding up what they see as critical reforms of the International Monetary Fund (IMF).

Speaking at the spring meetings of the IMF and World Bank, the group said the failure after five years of the US Congress to ratify the reforms was undermining the effectiveness and legitimacy of the global crisis lender.

“We reiterate our deep disappointment with the lack of progress in implementing the IMF quota and governance reforms agreed to in 2010 and strongly urge the US to complete ratification,” they said.

“This remains an impediment to International Monetary Fund credibility, legitimacy and effectiveness and has considerably delayed forward-looking commitments,” they added, pointing to a second set of reforms that had been expected this year.

The 2010 reforms, a doubling of IMF funding and a reallocation of voting power to boost China and other up-and-coming economic powers, were originally propelled by Washington, and the President Barack Obama’s White House has repeatedly endorsed them.

But the US Congress has refused to sign off on the deal, with some legislators not wanting to contribute more money to the IMF and others concerned about any erosion to the dominant US role at the fund.

Criticisms of Washington have steadily grown, and International Monetary Fund Managing Director Christine Lagarde said on Thursday that she understood why other IMF members “are frustrated and impatient to see that reform actually implemented.”

Published in Dawn, April 18th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play