Obama asks Congress to approve $100 billion for IMF

Apr 21st, 2009 4:37 PM UTC
By Chris Scott

According to the Congressional Quarterly, the Obama Administration has asked Congress to approve up to $100 billion in US funding for the International Monetary Fund (IMF), “a request that will likely spark the first major congressional debate on the global lender in nearly a decade.” Congressman Barney Frank will reportedly “link the proposed sale of IMF gold to increased funding for debt relief in the developing world.”

Excerpts below:

On the heels of the Group of 20 summit this month, where world leaders agreed to expand the IMF’s emergency borrowing authority by $500 billion, the Obama administration also asked Congress to approve changes to the IMF’s governance structure and a sale of the institution’s gold.

“Other countries are looking to the United States to deliver on our commitment,” President Obama wrote in a letter asking congressional leaders to include the funding expansion and other IMF-related legislation “in the most timely legislative vehicle that will enable the United States to act quickly.”

Remember, you can still sign our petition to IMF Managing Director Dominique Strauss-Kahn asking him to use the revenue from gold sales to create as much funding as possible for developing countries.

-Chris Scott

TAGS: IMF, IMF WB Spring Meetings, Policy News