IMF delays debate on voting reforms and issues veiled ultimatum to US

With the launch of the $100bn BRICS Bank and China’s Asia Infrastructure Investment Bank continuing to gain in popularity, the IMF has once again  delayed  voting reforms that would give emerging countries greater say in its policy formation. “The Executive Board has concluded that more time is needed to build the necessary consensus among the membership to complete its work on interim steps. The Executive Board reiterates its deep disappointment with the continued delay in the effectiveness of the 2010 Reforms, and urges the United States to ratify them as soon as possible,” it said in a statement released this week.
“The Report indicates that, if the 2010 Reforms are not ratified by September 15, 2015, the Executive Board will consider prior to end-September which interim solution to pursue and will, building on its ongoing discussions, complete its work on steps that represent meaningful progress towards the objectives of the 2010 Reforms as early as possible and no later than mid-December 2015,” it added. The proposed  reforms would  hand more IMF voting powers to BRICS member states, particularly China.