US Congress should pass IMF reform to integrate rising powers: Susan Rice

WASHINGTON: The US Congress should pass "quota reform" of the International Monetary Fund ( IMF) to better integrate the rising powers like India, National Security Advisor Susan Rice has said.

"Proposed quota and governance reforms for the IMF would better integrate rising powers like China, India, Indonesia, and Brazil, while preserving American leadership and our veto power," Rice said during her addressal to the annual conference of the US Export-Import Bank here yesterday.

"Congress should pass IMF reform so that we can join our G-20 partners to strengthen this bulwark of economic security," Rice said referring to the fact that the Republican-controlled Congress has not passed the much needed IMF quota reform, in the absence of which US has not been able to ratify the changes in the voting structure of the top world financial body.

Rice said the US is committed to modernizing the established institutions of global finance, like the IMF.

In the 1980s, the IMF coordinated the response to an international debt crisis brought on by oil shocks. In the 90s, it helped former Soviet-bloc countries transform themselves into market-driven economies.

"Today, the IMF is a first responder to global crises--helping Ukraine stand up against Russian aggression, securing our allies in the Middle East against extremists, providing economic relief to countries fighting Ebola in West Africa," she said.

Rice further said the US is leading the charge to achieve a strong international climate agreement this December in Paris.

"We've set an ambitious climate target for ourselves and announced joint actions with other major emitters including China, India, and Mexico," she said.

"At the same time, we're developing clean energy solutions that will fuel our continued economic growth, working with partners to set emissions targets that will mitigate the worst effects of climate change, and helping vulnerable countries improve their resilience to climate change," she added.