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What Brown does not stress is that serious IMF reform needs to begin with the modernization of its board.
In a previous issue you note that five of the past six IMF reform packages for Romania have lapsed unfulfilled ("Casualty of war", June 12th).
In January the administration tried to slip the IMF reform package into its draft federal spending bill, only to withdraw it amid Republican resistance.
Though this would be bad news for IMF reform (see article), it is less disastrous than rampant protectionism.No one expects the Beijing-bashing to ease up for long, especially with the mid-term elections looming.
That includes the tottering state-owned banks, which are to be subject to the same sort of scrutiny as private ones.Bank profits are already under pressure, as interest rates have fallen thanks to a $4 billion IMF reform programme.
"We have to get IMF reform.
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Senator Cruz of Texas blocked the vote on the Senate floor in 2014 for International Monetary Fund (the IMF) reforms that would increase China's voting shares in the IMF from 3.8%to6% 6%.
Antonis Samaras, the New Democracy leader, opposes the EU-IMF reform programme, as do Greece's small left-wing parties.
If not, the anti-austerity front will be emboldened to step up protests and strikes which would be very debilitating to implementing reforms". Although Samaras, crucially reiterated his commitment to the EU-IMF reform program, lenders worry that the leader will under popular pressure to "renegotiate" the measures adding to the fiscal pressure on Greece.
There is certainly a risk that Turkey will retreat into the sort of snarling isolationism and economic doldrums that accompanied the last twin collapse of a government and an IMF-reform package in 1996.
In January the government commenced a new three-year IMF-backed reform program to launch fiscal reforms, build infrastructure, and implement the new constitution; however, an overextended legislative agenda delayed quick passage of the laws necessary to implement economic plans.
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