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PYONGYANG, North Korea (AP) — North Korea is holding what is expected to be one of its biggest celebrations ever Saturday for the 70th anniversary of its ruling party's creation, an attention-getting event that is the government's way of showing the world and its own people the Kim dynasty — now in its third generation — is firmly in control and its military a power to be reckoned with.
Washington's use of its de facto veto at the International Monetary Fund to block reforms giving emerging countries a greater say is jeopardizing the IMF's credibility, its leader said. The IMF has been caught up in a protracted, politically charged battle over reforms intended to reflect the changing global economy by giving emerging giants such as China more weight at the Fund. "It is an issue for the credibility and the representativeness of the institution, particularly vis-a-vis the under-represented countries," IMF Managing Director Christine Lagarde said at the Fund's annual meeting in Lima, Peru.