Opinion Piece Says U.S. Congress Should Unblock Treasury’s Hold On IMF COVID-19 Relief Funding
The Hill: If you could save a million lives, would you do it?
Mark Weisbrot, co-director of the Center for Economic and Policy Research
“If you had the opportunity to save a million people from preventable death, would you do it? … This is not merely a rhetorical question, but one that members of the Congress will have to answer in the present. … Right now, legislation has already passed the House of Representatives that would do just that. And it was included in the newly released COVID relief bill that is being negotiated between House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin. It would require the Treasury Department, which represents our government at the International Monetary Fund (IMF), to support a multi-trillion dollar relief package from the Fund. These funds are not loans and therefore will not have to be repaid. They have no conditions attached to them. And they do not cost the U.S. government anything at all — not now, and not at any time in the future. The IMF leadership, and almost all of the 189 member countries — including U.S. allies such as Germany and Canada — are ready to allocate the aid that Congress is considering. The reason it hasn’t already been approved at the IMF is that the U.S. Treasury has said no, and the U.S. — alone — has a veto at the IMF on this matter. .. [I]t’s not at all clear why the Treasury is blocking this desperately needed aid. … Nor is there any reason that it should be a partisan issue … Of course the Congress has a lot on its plate, and is having trouble passing further relief that millions of Americans need to pay their bills and for many, even have enough to eat. But all indications are that Congress will pass major spending bills before the end of the year, including funding to avoid a government shutdown. It would take almost no effort to include the House or Senate bill that would unblock Treasury’s hold on the IMF funding… ” (10/1).