U.S. Treasury supports increase in IMF quota resources-Shambaugh

WASHINGTON (Reuters) – The U.S. Treasury will push for a general increase in International Monetary Fund quota resources this year that would be spread evenly across the institution’s membership, the department’s top economic diplomat said on Thursday.

Jay Shambaugh, the Treasury’s undersecretary for international affairs, said ahead of a G20 leaders summit in India that the Treasury is also pressing for ways to shore up the IMF’s fund for the world’s poorest countries, the Poverty Reduction and Growth Trust.

“We are making a commitment to reinvest in the IMF,” Shambaugh said in remarks at a Center for Global Development event. “This year, we will support an increase in quotas – for a broad increase across all members – with the goal of strengthening the IMF as a shareholder institution at the core of the global financial safety net.”

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