Congress is poised to approve long-delayed overhaul of IMF

WASHINGTON - Congress appears ready to approve a long-delayed overhaul of the International Monetary Fund, giving more voting power at the global lending agency to fast-growing emerging-market countries such as China and India.

The reforms are included in a tax-and-spending bill that lawmakers are scrambling to pass by week's end.

"We take note of the inclusion in the bill of language that would authorize the IMF's 2010 Quota and Governance Reforms by the US Congress," IMF spokesman Gerry Rice said in a statement. "We look forward to the outcome of the legislative process."

American lawmakers had balked at approving the overhaul, which recognize the increasing economic influence of China and other developing countries. The delay drew international criticism of the United States, including a rebuke in December from IMF managing director Christine Lagarde.