Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following President Biden signing the FY24 Appropriations bill into law, which includes crucial authorizing provisions related to the International Monetary Fund (IMF).

“I am proud to announce that I was able to secure two critical provisions in the FY2024 Appropriations bill that will bolster America’s leadership at the International Monetary Fund and clearly demonstrate America’s commitment and support for developing countries around the world. The first provision ensures U.S. participation in the IMF’s Poverty Reduction and Growth Trust (PRGT). The PRGT makes interest-free loans to reduce poverty and address the urgent needs of low-income countries and has been used to help countries promote inclusive growth, foster stability, and address weaknesses in governance. As a result of this provision, the IMF will be able to provide up to $21 billion in new lending.

“I’m also pleased that I and my Democratic colleagues were able to secure an extension until 2030 of the United States’ participation in the IMF’s New Arrangements to Borrow (NAB) facility. The NAB serves as a backstop to the IMF’s lending programs, enabling it to respond to unforeseen economic crises, such as the 2008 financial crisis and the pandemic. By extending America’s participation in the NAB, the U.S. will maintain its leadership role, including its veto authority over the NAB’s use and any programmatic changes.

“Both of these measures are long overdue but will ensure that the U.S. continues to provide global leadership by supporting the IMF and our shared mission to promote financial stability and economic well-being here and across the globe.”

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