PDA

View Full Version : Obama's budget requests permanent funding for IMF




tsai3904
04-10-2013, 09:47 PM
President Barack Obama asked Congress again on Wednesday to permanently boost U.S. funding to the International Monetary Fund, a measure that would increase the clout of China and other big emerging economies at the institution.

In his fiscal 2014 budget request, Obama sought authority to shift a previous $63 billion U.S. contribution from an IMF crisis fund to pay for a permanent increase in U.S. voting power at the IMF.

The U.S. funding move is necessary to finalize a historic deal reached by IMF member countries in 2010 that would make China the IMF's third-largest voting member. It would also increase the say of other emerging economies such as Brazil and India, which have long argued their growing influence in the world economy should be reflected in the IMF and similar institutions.

But Obama's request faces a difficult battle for approval by Congress during a tight budget environment and opposition by many Republicans in the House of Representatives who view the IMF as a vehicle for costly and unnecessary foreign aid.

More:
http://www.reuters.com/article/2013/04/11/us-usa-imf-funds-idUSBRE93A00S20130411

This seems like something everyone can agree is not necessary.