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Waters Urges Senate to Keep IMF Quota Reform in Ukraine Package

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Washington, DC, March 25, 2014 | comments

Multilateral approach necessary to meet the urgent needs of Ukraine

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, urged Senate Majority Leader Harry Reid (D-NV) to retain the International Monetary Fund (IMF) provisions in the Ukraine package expected to be considered this week.

She released the following statement:

“I strongly urge Majority Leader Reid to keep the IMF quota provision in the Senate aid package for Ukraine. In the midst of the current instability and upheaval, we need to move quickly to mobilize a sizeable financial package to shore up pro-western elements in Ukraine, and this is a scale of assistance that the U.S. simply can’t muster alone.

I’m struck that my Republican colleagues are eager to support U.S. loan guarantees to Ukraine, while at the same time rejecting the IMF quota reform package, which would make Ukraine eligible to borrow as much as $18.6 billion over three years from the IMF. 

The turmoil in Ukraine has underscored the importance of a multilateral approach to dealing with economic crises that can fuel geopolitical instability, and a well-equipped IMF is the global institution best suited to help the Ukrainian government stabilize its economy in the face of Russian aggression.

On this issue, I stand with Democrats and the business community, as well as dozens of former Cabinet members and top national security experts from both parties, who agree that we should not cede this fight to the increasingly isolationist Republican Party.”

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