A key US congressional panel voted yesterday to give the International Monetary Fund $3.4 billion, a fraction of the money the White House says the fund needs to tackle global financial emergencies.

Despite turmoil in world markets and warnings that IMF cash reserves were depleted by bailouts in Asia and Russia, the House Appropriations Committee refused to give the IMF the full $18 billion sought by the Clinton administration.

It agreed to appropriate only $3.4 billion to pay Washington's share of the New Arrangements to Borrow (NAB), a special fund to help the IMF cope with problems threatening world economic stability.

In exchange for the money, the committee demanded reforms to make the lending agency more accountable and require IMF borrowers to comply with international trade agreements.