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Christine Lagarde: IMF’s Reform Efforts Need US Backing

Christine Lagarde
Christine Lagarde

Christine Lagarde, managing director of the International Monetary Fund, has said the organization’s progress on reforming its role in developing countries needs U.S. lawmakers to pass legislation for funding IMF, Reuters reported Sunday.

Lagarde spoke Sunday at the China Development Forum in Beijing to discuss the reforms setback in January, when Congress could not reach agreement on IMF funding, Shao Xiaoyi and Ben Blanchard report.

Funding for the proposed reforms centered largely on voting shares and a reorganization of IMF’s board.

U.S. lawmakers showed concern over the current economic environment, IMF’s support struggling European economies and the risks of IMF loans, according to Reuters.

The U.S. holds the largest voting share in IMF and Lagarde believes emerging economies could have a bigger role within the organization, the report said.

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