International Monetary Fund
The subcommittee heard testimony on the Bush administration’s request for Congressional authorization of an increase in the United States co… 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 seekin close
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