Monday, April 7, 2014

Washington Times: Russia, China leading efforts to bypass US as IMF reforms stall

Right on cue as the G20 meeting looms we have this article from the Washington Times which states Russia and China are losing patience with the stalled IMF reforms.

We will find out soon if they can or will do anything about the situation. Is this just another round of ramped up rhetoric before the meeting or will they actually do something substantial to try and bypass the US at the IMF?

Here are some quotes from the article:

"RussiaChina and other major developing countries — angry about the stalemate on Capitol Hill that has blocked approval of a reform plan that would give them a bigger voting share at the International Monetary Fund — are pushing to go ahead with the reforms without waiting for the United States."

Russia reportedly is leading efforts by the emerging nations to steer around the U.S. In February, Moscow secured a pledge from the Group of 20 major industrialized nations to move ahead if the legislation doesn’t pass before the annual meeting of the IMF, which starts in Washington this week."

"Meanwhile, the international lending agency is under the gun to begin exploring what one IMF official speaking on background said were various “bad options” of moving ahead without the U.S., to avoid further upsetting China and other major emerging countries. Whether the IMF will break ground may depend on how hard RussiaChina and the bloc of emerging countries press their demands."

So again, will they "press their demands" or not?

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