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IMF to move on new plan after US snubs reforms again

Reforms to the IMF's membership quota system would both strengthen the global crisis lender's funding and also give emerging economies like China and Russia greater sayThe International Monetary Fund will begin weighing options in January for a new set of crucial governance and funding reforms after the US Congress again refused to ratify the existing plan. Spokesman William Murray said Thursday that the IMF board would meet next month to weigh “alternative options” to the 2010 reform plan held up by Congress’s reticence to endorse it. “We are following developments on Capitol Hill very closely. Our position regarding the need to rapidly advance the Fund’s quota and governance reforms remains unchanged,” Murray told reporters.

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