MARRAKECH: International Monetary Fund countries on Saturday failed to agree on a US-backed plan to boost IMF funding without giving more shares to China and other big emerging markets, but pledged a “meaningful increase” in lending resources by year-end.
As IMF and World Bank annual meetings in Morocco closed, a statement from IMF’s steering committee chair called for new quota contributions that would “at least maintain the Fund’s current resource envelope” as $185 billion worth of bilateral borrowing arrangements expire.