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Sweet and Spicy: what's the buzz on honey infusions? | SaltWireMARRAKECH, Morocco -International Monetary Fund countries on Saturday failed to agree on a U.S.-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.
Calvino, the Spanish economy minister, said the International Monetary and Financial Committee was unable to reach consensus on a joint communique amid disagreements over conflict language, despite many member countries condemning both Russia's invasion of Ukraine and the killing of civilians in both Israel and Gaza.But language was still being negotiated late on Saturday afternoon, sources familiar with the talks said.
But China continued to push back against it. People's Bank of China Governor Pan Gongsheng said in a statement to the IMFC that China wanted both a quota increase and a realignment of shares"to reflect members’ relative weights in the global economy, and strengthen the voice and representation of emerging markets and developing countries."
"Quota realignment is fundamental to IMF’s governance reform, while other measures are its complements," he said.Forging a deal to boost the IMF's $1 trillion in lending firepower to enable it to respond to another large scale economic crisis was one of the biggest tasks for IMF Managing Director Kristalina Georgieva at IMF-World Bank annual meetings this week in Morocco.
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