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You're reading: U.S. Senate rebuffs Obama request to shift funds for IMF
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The reforms need congressional approval because they involve shifting and making permanent a $65 billion U.S. contribution to an IMF crisis fund.

The U.S. authority is necessary to finalize a historic deal agreed by IMF member countries in 2010, that would make China the IMF’s third-largest voting member. It would also increase the say of other emerging economies such as Brazil and India, which have long argued that their growing clout in the world economy should be reflected in institutions like the IMF.

After putting off the request last year because of the U.S. presidential election, the U.S. Treasury sought to tuck the provision into pending legislation in Congress that aims to avoid a U.S. governmentshutdown at the end of March.

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