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Lawmakers Pave the Way for an IMF Contribution (Must Read)

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Lawmakers Pave the Way for an IMF Contribution (Must Read) Empty Lawmakers Pave the Way for an IMF Contribution (Must Read)

Post  Shilo Thu May 13, 2010 7:21 am

May 12, 2010 · Posted in NEWS
TIDBIT: This was sent to me by my dear friend IITB, who is very knowledgeable in things related to Iraq, and who has been in this investment for quite some time. Is this “donation” by the U.S. a coincidental timing, or a planned move to assist with the exchange? Ya just never know… – DD

By NAFTALI BENDAVID
WASHINGTON — Congressional leaders agreed Tuesday to calculate the cost of a new U.S. contribution to the International Monetary Fund in a relatively inexpensive way, paving the way for possible Congressional approval within weeks.

The Obama administration has pledged a $108 billion contribution to the IMF, as part of a $500 billion global boost to IMF resources. The White House has argued that this is a necessary contribution to global financial stability and would send a signal that there is enough money to help prevent struggling countries from becoming further enmeshed in economic crises. Congressional approval would put pressure on European nations, China, Brazil and others to increase their lending to the IMF.

But the U.S. contribution became entangled in arcane — though politically important — budget math. The White House had argued that the action shouldn’t be characterized as a $108 billion expenditure, which would make it difficult to sell at a time when Congress has recently passed a series of multibillion-dollar spending bills.

The U.S. wouldn’t provide a lump sum, but would essentially make a line of credit available to the IMF, which the fund could draw on when it needed to make loans to other countries. In theory, the U.S. would hope to get the money back. So the White House argued that the budgetary impact should be calculated at zero.

Some lawmakers disputed this, noting that there is some risk involved in the IMF contribution. In a conference call Tuesday between the top Democrats and Republicans on the House and Senate budget committees, the lawmakers agreed the contribution should be valued according to standards set in the Federal Credit Reform Act, which seek to take a snapshot of a transaction’s value, including risk, liabilities, expected return and so on.

The precise valuation will be left to the Congressional Budget Office, which specializes in budget calculations, but it will be far less than $108 billion.

That significantly improves its chances of passage. Democratic leaders hope to attach the IMF contribution to a $94 billion “supplemental” 2009 spending bill that the Senate Appropriations Committee will consider Thursday.

The full House is voting on the supplemental spending bill the same day. The House version doesn’t contain the IMF funding, but the contribution would likely survive a compromise version hammered out between the House and Senate.

Write to Naftali Bendavid at naftali.bendavid@wsj.com
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