Treasury’s Singh Urges Passage of IMF Quota Deal to Aid Ukraine

Congress should pass a 2010 agreement boosting the resources of the International Monetary Fund as part of efforts to help the fledgling government of Ukraine, a U.S. Treasury Department official said.

“For the United States to continue playing a leading role in international support efforts for Ukraine, centered on the IMF, one of the most significant steps we can take is to pass the 2010” package, Daleep Singh, the Treasury’s deputy assistant secretary for Europe and Eurasia, said during a hearing of the House Foreign Affairs Committee today.

The 2010 international agreement, which the U.S. has delayed, would boost the U.S. share, or quota, at the Washington-based IMF by shifting about $63 billion from an existing credit line. It would double the fund’s permanent lending capacity and also give emerging markets such as China more clout at the institution.

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