Taiwan Expresses Gratitude to US House for Bill Supporting IMF Membership
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Synopsis
Taiwan has welcomed the approval of the Taiwan Non-Discrimination Act by the US House Financial Services Committee, which aims to support its admission into the IMF. The bill is a bipartisan effort emphasizing Taiwan's critical role in the global economy and the necessity of its inclusion in international financial discussions.
Key Takeaways
- The US House Financial Services Committee has approved the Taiwan Non-Discrimination Act of 2025.
- The bill seeks to ensure Taiwan's participation in the IMF.
- It is a bipartisan effort led by Representatives Young Kim and Al Green.
- Taiwan is currently excluded from the IMF due to pressure from China.
- The act mandates advocacy for Taiwan's membership and involvement in IMF activities.
Taipei, March 7 (NationPress) A legislative measure aimed at facilitating Taiwan's entry into the International Monetary Fund (IMF) has received approval from the United States House Financial Services Committee, according to reports from Taiwanese media on Friday.
The US House Financial Services Committee endorsed the Taiwan Non-Discrimination Act of 2025, a bipartisan initiative spearheaded by Republican House Representative Young Kim and her Democratic counterpart Representative Al Green. This bill is designed to secure Taiwan's involvement in the IMF.
Kim was quoted by Taipei Times stating, "As the 21st largest economy globally and the 10th largest goods trading partner of the United States, Taiwan is pivotal to the global economy but is currently excluded from the IMF due to pressure from the Chinese Communist Party. We cannot permit the Chinese Communist Party to control international financial policy and marginalize a crucial democratic ally. I express my gratitude to the House Financial Services Committee for advancing this bipartisan legislation, and I will persist in my efforts to see this through to completion," she added.
Green emphasized that Taiwan merits rejoining the IMF, not only for its status as a flourishing democracy but also for its vibrant economy, which significantly contributes to global progress.
"Inclusion of Taiwan would bolster the IMF's mission and foster stability and prosperity, reflecting the values we champion as we promote democratic ideals globally," stated Al Green.
The Taiwan Non-Discrimination Act mandates that the US governor of the IMF advocate for Taiwan's admission as a member; facilitate Taiwan's involvement in the IMF's regular surveillance of its economic and financial policies; create job opportunities at the IMF for Taiwanese nationals; and ensure Taiwan can receive IMF technical assistance and training, as highlighted by Kim.
Taiwan maintained its IMF membership for nine years after losing its seat to China in the United Nations in 1971. China subsequently took Taiwan's place as an IMF member in 1980.
The IMF, which consists of 191 members, is a global organization dedicated to achieving sustainable growth and prosperity. It accomplishes this by endorsing economic policies that promote financial stability and monetary cooperation, which are vital for enhancing productivity, creating jobs, and improving economic well-being.
