IMF

US Declines to Approve IMF Reforms

Not included in budget package

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International financial reform and the G20 have suffered a serious blow after the US Congress refused to ratify a capital increase for the International Monetary Fund agreed four years ago.

A $1.012 trillion budget package agreed on Monday evening left out funds for the IMF despite intense lobbying by the Treasury and the White House because of opposition from conservative Republicans in the House.