By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) –   Christine Lagarde, managing director (MD) of the international monetary fund (IMF), Tuesday expressed her disappointment at the United States (US) congress non-adoption of the Fund’s 2010 quota and governance reforms.

“I am deeply disappointed that the necessary legislative steps have not been taken by the U.S. Congress to allow these important reforms to be implemented without further delay. These reforms would both strengthen the IMF’s capacity to respond to our members’ needs and help to make its governance more representative of our dynamic membership.

“I will personally continue to work together with my management colleagues and staff to support completion of the reforms by the membership and hope that the U.S. authorities will give it the high priority that it deserves,” Lagarde said.

According to her, without ratification by the U.S., the 2010 quota and governance reforms cannot become effective.

On December 15, 2010, the board of governors of the IMF approved a package of far-reaching reforms of the Fund’s quotas and governance.

These reforms represent a major realignment in the ranking of quota shares that better reflects global economic realities, and a strengthening in the Fund’s legitimacy and effectiveness.

The IMF said this reforms completes the 14th general review of quotas with an unprecedented doubling of quotas and a major realignment of quota shares—a shift of more than 6 percent (6%) from over-represented to under-represented members and a more than 6% quota shift to dynamic emerging market and developing countries.

The IMF further affirmed that the reforms also protect the quota shares and voting power of the poorest members.

Also, the board of governors of the Fund supported an amendment to the articles of agreement that would facilitate a move to a more representative, all-elected executive board.