Tue, Jun 24, 2025 page2

• MOFA thanks US House for backing Taiwan’s return to the IMF

  • By Huang Ching-hsuan and Hollie Younger / Staff reporter, with staff writer
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  The US House of Representatives' passage of a bill that supports Taiwan's return to the IMF is a sign of bipartisan US support for Taiwan’s international participation and resistance against China’s suppression of the nation, Ministry of Foreign Affairs spokesman Hsiao Kuang-wei (蕭光偉) said today.

  It also reinforces Taiwan’s importance as a partner on the global stage, Hsiao said.

  The House yesterday unanimously passed the Taiwan Non-Discrimination Act of 2025 (H.R. 910), which stipulates that the US secretary of the treasury, who also serves as the US governor to the IMF, should "vigorously support the admission of Taiwan as a member" in the institution.

  

  Ministry of Foreign Affairs spokesman Hsiao Kuang-wei speaks at the ministry in Taipei in an undated photograph.

  Photo: Taipei Times file photo

  The bill must be approved by the US Senate before the president can sign it into law.

  The ministry thanked the House for unanimously passing the bill, Hsiao said.

  It would continue to closely monitor developments and maintain ties with US lawmakers and Washington to keep building momentum in the push to expand Taiwan’s international participation, Hsiao said.

  The Republic of China, Taiwan's official name, was a founding member of the IMF in 1944. However, nine years after the People’s Republic of China took Taiwan’s place in the UN in 1971, Beijing joined the IMF, effectively pushing Taiwan out.

  If signed into law, the bill would “require the [US] Department of the Treasury to support Taiwan’s admission to the IMF or participation in activities of the Fund before it becomes a member.”

  Joining the IMF would enable Taiwan to benefit from economic surveillance and technical assistance, and allow Taiwanese nationals to work at the institution.

  The bill was proposed by US representatives Young Kim and Al Green.

  China could try to use tariffs and stock market disruptions to destabilize Taiwan’s financial system, and joining the IMF would help Taipei access the resources required to counter these risks, the representatives said.

  There would be three main benefits to Taiwan joining the IMF, said Darson Chiu (邱達生), an economics professor at Tunghai University in Taichung and director-general of the Confederation of Asia-Pacific Chambers of Commerce and Industry.

  First, it would boost international recognition of Taiwan and its sovereign status, while assuring international investors and credit ratings agencies that Taiwan’s economic system is stable, Chiu said.

  That would, in turn, improve Taiwan’s sovereign credit rating, make it easier to attract foreign investment and significantly elevate its global profile, he said.

  Second, the IMF could assist in maintaining Taiwan’s economic and financial stability, Chiu said.

  For example, South Korea received financial assistance from the IMF during the 1997 Asian financial crisis, and the IMF provided support to multiple countries during the European debt crisis, he said.

  Third, the IMF has a robust team of economic experts, whose reports, research and resources could assist in bolstering Taiwan’s policy design and risk forecasting capabilities, Chiu said.

  Taiwan would also be able to participate in annual meetings and share its views on international economic rules and policies, he added.

  Additional reporting by CNA
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