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Mexico Senate Votes to Double Contributions to IMF

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March 1 (Bloomberg) -- Mexico’s Senate passed a bill today that more than doubles the nation’s contributions to the International Monetary Fund.

With 71 votes in favor, 10 against and 1 abstention, senators approved the initiative to increase Mexico’s contribution by 146 percent to about $14 billion. The bill will now go to Mexico’s lower house.

”The quota increase gives Mexico more influence to make decisions on the board of the International Monetary Fund,” according to a document published today in the parliamentary gazette.

The higher contribution follows changes in quotas agreed to by IMF governors in 2010.

The Washington-based IMF has also been seeking $600 billion from its members to be able to allow an increase in lending resources of $500 billion, to protect the world from consequences of the European debt crisis.

To contact the reporter on this story: Jose Enrique Arrioja in Mexico City at jarrioja@bloomberg.net

To contact the editor responsible for this story: Jonathan Roeder at jroeder@bloomberg.net

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