China calls on U.S. Congress to approve IMF reforms this year

BEIJING -- China's Vice Finance Minister Zhu Guangyao on Saturday called on the U.S. Congress to approve a capital increase for the International Monetary Fund agreed four years ago.

The U.S. Congress failed in January to ratify funding measures for the IMF that would give emerging nations such as China and South Korea a greater say in the operation of the organization.

Zhu said some "risks" might occur depending on "whether or not the U.S. can honor its agreement at the G20 financial ministers' meeting to approve reform plans of the IMF sometime this year."

"We hope that the U.S. Congress can make a rational decision and we hope that the reforms of the IMF can be implemented substantially," Zhun said.

Zhu made the remarks at the annual China Development Forum held at the Diaoyutai State Guesthouse in Beijing.

The 2010 IMF reform plans aim to give emerging nations such as China, India, Brazil and South Korea more power at the organization, while reorganizing the IMF board to reduce the dominance of Western Europe.

Analysts say it is unclear whether the U.S. Congress could approve the funding measures for the IMF this year, citing upcoming mid-term elections in the country.

(Yonhap)