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Friday, April 19, 2013

Mantega chastises US, Europe over delays in IMF reform

Guido Mantega.
Guido Mantega.
Guido Mantega.

Brazilian Finance Minister Guido Mantega harshly criticized the US and Europe over their decision to stall a reform of the International Monetary Fund (IMF), currently being demanded by many developing countries.

“The IMF reform may have hit rock bottom. We’ve missed deadlines and delays have become a routing,” he said in a statement sent from the ministry on behalf of the eleven countries he represents.

The reform, which includes a rebalance of capital and the IMF’s power distribution quotas, has seen both initiatives both paralyzed since 2011.

The reform has been stalled due to the US Congress, which refuses to approve it and continuously blocks the measure.

The next quota revision, which should be completed by next January, has also been delayed “due to over represented European countries,” he said.

“In other words, the US and Europe don’t want the reforms to be realized. The largest stock holders are risking, perhaps unwittingly, the IMF’s credibility and legitimacy,” he added.

Current delays in reform plans prevent big emerging nations such as Brazil, China, Russia and India to obtain a larger power to make decisions within the IMF.

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Tags:  mantega  us  europe  delays  reform  





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