Lagarde frustrating, due to lack of congressional approval of the International Monetary reforms

The Director of the International Monetary Fund Christine Lagarde yesterday expressed disappointment not to include the new US draft budget law for the proposed system fund reforms, Congress concluded its final parliamentary vote yesterday on the federal budget for the holiday starts.

The Fund called on Congress to approve the reforms by the end of this year, but the GOP members of the legislative institution refuse to cede part of their country's share of the voting in favor of the emerging economies.

And lead the reforms that the fund since 2010 approved by the drastic changes in the structure, whereby China become the third largest voting power, as Brazil, India and Russia to join the top ten countries in terms of share of the voting list, is that America, Europe and Japan will continue to be the most influential in the box forces.

The balance of power
According to the proposed reforms, the America's share will shrink slightly from 16.7% of the share of the voting group to 16.5%, as declining share of countries the Group of Seven (without the United States) from 26.3% to 24.7%, while the rising share of developing countries from 34.5% to 37%.

As a result, Congress not to adopt the reforms mentioned, Lagarde At Sahfa- statement said that the fund will be discussed at next month's alternative options 'in order to move forward with the quota and governance reforms and securing sufficient resources to fund'.

China has also expressed are other deep disappointment to reject the Congress hoped to pass the reform of the IMF that will allow China's largest inside one of the most influential international financial institutions. Lagarde was appointed in March / March 2012 Chinese Jianhi Lin as secretary of the Fund, a key position to formulate the necessary compromises between the Member States in the Fund.