IMF reforms hit a deadlock

Washington; Reforms to the International Monetary Fund (IMF) have hit a deadlock despite a declaration from global financial chiefs that they would move forward without the US if it fails to ratify the changes by year-end, a G20 official said on Sunday.

The inability to proceed with giving emerging markets a more powerful voice at the IMF and shoring up the lender’s resources appeared the most contentious issue for officials from the Group of 20 leading economies and the representatives for all IMF member nations who met over the weekend. In a final communique, G20 finance ministers and central bankers said they were “deeply disappointed” with the US delay.