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Matt Dusk sings Sinatra in Halifax/PEI/Moncton | SaltWireMARRAKECH, Morocco - Support increased on Wednesday for the U.S.-backed call to boost the International Monetary Fund's quota lending resources without shareholding changes, according to statements from various countries issued at the IMF's annual meeting in Morocco.
The IMF said on Tuesday that it was seeing"substantial support" for the U.S. proposal, aimed at bolstering the IMF's $1 trillion in lending firepower and keeping it at the center of the global financial safety net. The last increase in quotas took place in 2010, when China's GDP was one third its current level. China would be the biggest winner in any share realignment, with 6.08% of the IMF's voting power and roughly 18% of global GDP.
She said in her statement to the International Monetary and Financial Committee that the U.S. was committed to a"fair and simple" share realignment based on economic size, but"we regret" that one has not been reached.
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