Finance ministers from the Group of Seven economic powers are likely to agree on a set of reforms to International Monetary Fund lending mechanisms at their talks in Japan in July, a source in international finance said Monday.
The envisaged reforms include strengthening the Washington-based international lender's crisis-prevention functions and discouraging long-term and repeat borrowing, the source said.
The G7 ministers, who will gather in Fukuoka on July 8, will forward the proposals in a report to their leaders, the source said.