U.S. lawmakers renew push for Taiwan's admission to IMF

Washington, Feb. 4 (CNA) Two members of the United States House of Representatives have re-introduced a bill calling for Taiwan's membership in the International Monetary Fund (IMF).

The bill, the Taiwan Non-Discrimination Act, stipulates that the U.S. secretary of the treasury, who concurrently serves as the country's governor of the IMF, should "vigorously support the admission of Taiwan as a member" in the institution.

In a press release issued Tuesday, U.S. Republican Representative Young Kim, co-sponsor of the bill, said "Taiwan deserves a seat at the IMF" given its being the 21st largest economy in the world and 10th largest goods trading partner of the U.S.

According to Kim, the proposed bill will "allow Taiwan's perspective to be heard in international financial decisions."

"We cannot allow the Chinese Communist Party to silence Taiwan's voice and suppress Taiwan's freedoms any longer," Kim said, alluding to Beijing's sustained campaign to isolate Taipei from taking part in international organizations.

Taiwan has expressed interest in joining the IMF, saying its inclusion would enhance financial resilience.

Kim and the bill's co-sponsor Al Green, a Democrat from Texas, introduced similar legislation that passed the House in January 2024 but stalled after that.

Commenting on the issue at that time, an official from the Chinese Ministry of Foreign Affairs said in January 2024 that there was no basis for Taiwan to "participate in the U.N. and other international organizations reserved for sovereign states."

The Chinese official insisted that Beijing's "one China" principle must take precedence over any discussions regarding Taiwan's international participation.

In fact, the Republic of China (Taiwan) retained its IMF membership nine years after it lost its seat in the U.N. to the People's Republic of China (PRC).

Even after the PRC replaced the ROC as an IMF member in 1980, the 16 ROC nationals employed by the IMF were allowed to continue working there.

The IMF, which has 191 members, promotes global financial stability and economic growth by providing financial assistance, policy advice and economic surveillance to members.

Green said in Tuesday's statement that Taiwan had been a key player in the global economy and its return to the IMF would benefit all nations involved.

According to the bill, which is largely the same as the one that passed the House last year, the U.S. treasury secretary should advocate for Taiwan's participation in IMF's regular surveillance activities relating to Taiwan's economic and financial policies and its access to the monetary body's technical assistance and training.

The bill also calls for employment opportunities at the IMF for Taiwanese nationals.

If the latest bill passes the House, it will still need Senate approval before the president can sign it into law.