Earlier, Williams delivered a speech in which he said, "It's better to take preventative measures than to wait for disaster to unfold."The Fedread more
The country's Revolutionary Guards say they will soon releasePoliticsread more
Regional stability, oil prices and potential for war will all depend on what Iran does with its nuclear program in the event of the deal's termination.World Politicsread more
Boeing will take a nearly $5 billion charge in the second quarter to compensate 737 Max customers as the planes remain grounded.Airlinesread more
Market researcher James Bianco believes it's crucial to get a half point cut at the next Federal Reserve meeting.Trading Nationread more
The base version of the sports car will punch out 495 horsepower, 40 more than the seventh-generation car and enough to launch it from 0 to 60 in "less than three seconds"...Autosread more
President Trump said he's looking at the JEDI contract that will be awarded to Microsoft or Amazon.Technologyread more
Taiwanese President Tsai Ing-wen is expected to stop over in the U.S. on Friday on her way back from visiting diplomatic allies in the Caribbean, a move that's sure to make...China Politicsread more
Animation fans and Kyoto residents gathered at the site of Japan's worst mass killing in 18 years on Friday, offering flowers and prayers for the 33 people who died in an...Asia Newsread more
Libra and bitcoin are different in a lot of ways, from the technology behind them to the way they're used.Technologyread more
Microsoft beat on top and bottom lines, and guidance was just ahead of expectations, but the company's Azure growth is slowing down.Technologyread more
WASHINGTON, April 12 (Reuters) - The United States repeated its opposition to increasing overall funding and shareholding quotas for the International Monetary Fund, putting it at odds with other stakeholders on the need to boost the global lender's resources and update its governance.
U.S. Treasury Secretary Steven Mnuchin said the Trump administration opposes any changes now, likely meaning the effort to lift IMF funding and reshuffle voting rights was a dead issue as global finance leaders gathered in Washington this week for the IMF and World Bank spring meetings.
The voting quotas were last altered nearly a decade ago.
"In our view, the IMF currently has ample resources to achieve its mission, and countries also have considerable complementary resources should a crisis emerge," Mnuchin said in a statement for the IMF's steering committee meeting that was posted on the IMF's website on Friday.
"Thus, we do not see a need for a quota increase at this time and support closure of the 15th General Quota Review as soon as possible."
Without U.S. backing for an update to the IMF's stakeholding weights, there was little prospect for a change at this week's meetings.
"There is no majority in sight for any changes regarding IMF quotas," a German official said on condition of anonymity.
The IMF's last quota increase was agreed in 2010, boosting the shareholding and influence of major emerging markets including China and Brazil.
The IMF has current total lending capacity of about $1 trillion, including the New Arrangements to Borrow crisis fund that was greatly expanded in 2009 at the depths of the last financial crisis.
That fund is set to expire in November 2022.
British finance minister Philip Hammond worried the lack of a funding boost could hamper the IMF's ability to step in to help Venezuela respond to its worsening humanitarian and economic crisis.
"This set of meetings is crucial to the debate about IMF quotas and funding for the IMF," Hammond said.
"We all anticipate that as events unfold in Venezuela, at some point there will be a need for a major program to support Venezuela. So the UK is very keen to ensure that the IMF in particular is properly funded."
Oil-rich Venezuela is embroiled in political and economic turmoil as socialist President Nicolas Maduro battles to retain power in the face of U.S. and Western powers' backing of opposition leader Juan Guaido.
IMF and World Bank shareholders, meanwhile, are still undecided on whether to recognize Guaido as the South American nation's leader.
(Reporting by David Lawder, David Milliken and Michael Nienaber in Washington Writing by Dan Burns Editing by Paul Simao)