WASHINGTON, Jan. 23 (Xinhua) -- The International Monetary Fund (IMF) Thursday urged actions to speed up the implementation of the 2010 quota and governance reform, which has been delayed for years.
On Wednesday, the executive board of the IMF adopted a report to the board of governors, the Fund's highest decision-making body, on the 2010 quota and governance reform, the Washington-based global lender said in a statement.
The executive board reiterated that the importance and urgency of the 2010 reform package for strengthening the Fund's effectiveness and legitimacy. The executive board proposed that the IMF board of governors request the chairman of the International Monetary and Financial Committee (IMFC), the Fund's policy-advisory body, to consult with the members who have not yet ratify the reform and to report the progress at its 2014 Spring Meeting.
The IMF's Board of Governors approved the quota and governance reform package in December 2010. The plan included a doubling of IMF quotas and a shift in quotas to dynamic emerging markets and under-represented countries, and a proposed amendment to reform the executive board that would facilitate a move to a more representative and all-elected 24-member board.
The reform package has to be accepted by the IMF members, which in many cases involves parliament approval.
As of mid-January, 141 members having 76.1 percent of Fund quotas had accepted the proposed amendment to reform the Fund's executive board, still falling short of the 85 percent requirement for the amendment to enter into force, noted the statement.
The IMF previously intended to make the 2010 reform package effective before October 2012, but Congress of the United States, the IMF's largest shareholder, has become the major stumbling block for the reform.
In the 2014 fiscal year spending bill approved last week, the U.S. Congress didn't include the ratification of the IMF reform package. Both the Obama administration and the IMF chief Christine Lagarde have expressed disappointment at this.