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The International Monetary Fund plans a five-month deadline for adopting a temporary alternative to governance changes blocked by U.S. lawmakers, with one former Treasury official saying the options should include a threat to end America’s veto power.

The Washington-based fund said on Wednesday it will seek to impose an interim solution by June 30 as its board examines alternatives to changes it approved in 2010. The IMF is primarily financed by shares, known as quotas, that are assigned to its 188 member countries. The 2010 proposal would increase the proportion of quotas held by emerging markets such as China, India and...

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