IMF Reform Is Waiting on the United States
The failure in mid-January by the US Congress to approve IMF reform legislation halted progress on Fund governance and damaged the US reputation around the world. If the IMF is to benefit strong and troubled economies alike, the administration and the Congress must make every effort to pass this legislation before the early-April meeting of the International Monetary and Financial Committee (IMFC). The reform legislation is designed to strengthen the IMF without the need to authorize additional funding, and there is no economic, financial, or political downside for the United States. The main issue before the US Congress is to ensure that the institution is credible in the eyes of all regions and countries. US formal approval is the only thing standing in the way of its implementation.