International Monetary Fund

The subcommittee heard testimony on the Bush administration’s request for Congressional authorization of an increase in the United… read more

The subcommittee heard testimony on the Bush administration’s request for Congressional authorization of an increase in the United States contribution to the International Monetary Fund. The last quota increase was authorized in 1983, with review by the International Monetary Fund of the quota contributions scheduled every five years. In reviewing contributions, the Fund takes into account the amount contributed by a country to the Fund, and the expected amount of loans to be taken from the Fund. In 1990, the International Monetary Fund’s review showed a need for additional funds, and the U.S. voted to approve an increase in quotas by fifty percent, effective December 31, 1991, as long as 85 percent of the countries involved with the Fund approved the increase. If the U.S. voted against the increase, it would not become effective, since the U.S. maintains a nineteen percent share of the voting rights in the Fund. The IMF currently has assets of approximately $130 billion, and is seeking a quota increase of $65 billion. The U.S. contribution to the quota increase would amount to $12 billion. close

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  • David C. Mulford Undersecretary Department of the Treasury->International Affairs

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International Monetary Fund

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Program ID:
18561-1
Category:
Senate Committee
Format:
Senate Committee
Location:
Washington, District of Columbia, United States
First Aired:
Jun 25, 1991
Last Aired:
Jun 26, 1991

Airing Details

  • Jun 25, 1991 | 10:04am EDT | C-SPAN 1
  • Jun 26, 1991 | 1:59am EDT | C-SPAN 1
  • Jun 26, 1991 | 4:56am EDT | C-SPAN 2
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International Monetary Fund

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