G20 urges US to ratify IMF reforms by year-end

The G20 pressed the United States Friday to ratify crucial IMF reforms after four years of waiting, suggesting they would find an alternative if Washington does not deliver by year-end. "We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms" agreed in 2010, the group said. "The implementation of the 2010 reforms remains our highest priority and we urge the US to ratify these reforms at the earliest opportunity," the group said. The Group of 20 economic powers, which includes the United States, said it would ask the IMF to develop an alternative plan "if the 2010 reforms are not ratified by year-end." The reforms, which include a funding increase and expansion of emerging economies' roles in the IMF, were originally strongly backed by the United States, the Fund's largest shareholder. But implementation, which must have US support, has been held up by political battles in the US Congress, which needs to ratify the reforms.