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Congress refuses to fund the IMF; Reuters panics

WASHINGTON — Congress did not fund the International Monetary Fund (IMF) as of this week, which threatened to push back what Reuters called “historic reforms” at the global financial aid organization.

IMF Greece Financial Crisis [1]Reuters reported [2] that the initial $1.1 trillion funding plan in Congress did not include funding the IMF.

The Obama administration has pushed Congress to approve a $63 billion transfer from the IMF’s crisis fund to general accounts, which they said would keep the U.S. as the major backer of the lending organization.

Some of the changes include China becoming the third-largest member and decrease the influence of Western European nations. It would also give emerging markets and countries like India and Brazil more power in the organization. Reuters was not happy with the lack of funding, it seemed, and pushed for the completion of the funding.