US support to increase IMF quotas for member countries

The US Department of the Treasury announced that it will support increased quotas for member countries to strengthen the ability of the International Monetary Fund (IMF) to support the global economy.

In his speech at the Center for Global Development, Jay Shambaugh, Under Secretary of the Treasury for International Affairs, said that the IMF plays a vital role in global financial stability.

“To strengthen the IMF’s ability to respond to the challenges facing the global economy, we will support higher quotas for a broad increase across all members,” Shambaugh said. saying.

Stating that they support making the IMF a more democratic institution by increasing quotas in equal measure, Shambaugh asserted that quotas form the foundation of the IMF and determine members’ voting power and access to IMF financing.

Shambaugh said that an equal quota increase will reduce the IMF’s reliance on borrowed resources and provide more consistent and predictable resources to the fund. (AA)