April 20, 2012 11:14 AM

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Brazil demands more power for emerging ecys as condition for lending to IMF

The International Monetary Fund has hit a roadblock as it seeks to double its resources, with Brazil demanding more power for emerging economies as a condition for lending extra cash. IMF Chief, Christine Lagarde, wants the Fund's power boosted to 800 billion US dollars. As the IMF and World Bank hold their biannual meetings in Washington, Brazilian finance minister Guido Mantega laid out the terms for a deal after a meeting with representatives from the BRICS group of top emerging economies – Brazil, Russia, India, China and South Africa. The IMF had already rolled back its earlier target of 500 billion US dollars after the United States confirmed it would not contribute, so support from China, Russia and Brazil is critical.

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