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WASHINGTON (Reuters) -The International Monetary Fund said on Tuesday its executive board approved a proposal for a 50% increase in quota resources to be contributed by member countries in proportion to their current IMF shareholdings. The proposal would largely follow a U.S.-backed plan that would enhance IMF lending resources but delay any IMF shareholding increases for China, India, Brazil and other fast-growing emerging market economies. The IMF said the 50% increase in quota funding equivalent to about $314 billion at current exchange rates would not increase its overall lending firepower of about $1 trillion, but would shift the composition to more permanent resources.
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