The US House of Representatives’ Committee on Financial Services on Thursday approved a bipartisan bill to support Taiwan’s admission into the IMF.
The bill, introduced by Republican Representative Young Kim and her Democratic counterpart, Al Green last month, calls for the US government to support Taiwan’s admission into the IMF as a member, and participation in the financial institution’s regular surveillance activities relating to its economic and financial policies.
In addition, the bill urges the US government to support IMF employment opportunities for Taiwanese nationals, and for Taiwan to receive IMF technical assistance and training.
Photo: REUTERS
Before the bill passed, Kim said that the US had long supported Taiwan’s inclusion in international organizations and advocated for a mechanism to ensure its voice is heard when full membership is not possible.
“This principle has endured for decades across the Republican and Democratic administrations and has repeatedly been reaffirmed in bills passed by this Congress,” Kim said.
“My bill is straightforward. It requires the Treasury Department to implement our Taiwan policy at the international financial fund or the IMF. As the legislation makes it clear, Taiwan is not required to be a member of the United Nations to gain membership in the IMF,” Kim added.
Kim cited Kosovo as an example, saying the country is not a member of the UN, but has been an IMF member for more than a decade.
She said it would be “absurd” for the organization to exclude Taiwan, one of the US’ top 10 trade partners and the fifth-largest foreign exchange reserve holder in the world.
“At a time when China has been threatening the work of the IMF through its non-transparent lending abroad and its lack of cooperation with other creditors, we must focus the fund on effective international cooperation,” Kim said.
“That means openness toward potential members like Taiwan that can make significant contributions to the IMF’s mission,” she added.
Kim said the push for Taiwan to join the IMF could pave the way for it to join other international financial institutions, such as the World Bank, which requires countries to be members of the IMF before they can join.
She added that the US Senate Committee on Foreign Relations has voiced its bipartisan support for Taiwan’s membership in the Inter-American Development Bank, which would be possible if Taiwan was an IMF member.
The bill states that although Taiwan is not an IMF member, it has membership in the WTO, the Asian Development Bank and APEC.
The bill cited the Taiwan Relations Act as saying: “Nothing in this act may be construed as a basis for supporting the exclusion or expulsion of Taiwan from continued membership in any international financial institution or any other international organization.”
Taiwan retained its IMF membership for nine years after it lost its seat in the UN to the People’s Republic of China (PRC).
Even after the PRC replaced Taiwan as an IMF member in 1980, the 16 Taiwanese employed by the IMF were allowed to continue working there.
The IMF, which has 191 members, promotes global financial stability and economic growth by providing financial assistance, policy advice and economic surveillance to members.
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