WASHINGTON – Senate Foreign Relations Committee Chairman Bob Menendez (D-N.J.) today introduced the International Finance Institutions Mobilization Act of 2022, new legislation to authorize United States support for institutions that bolster emerging markets and developing countries as they face increasing economic insecurity in the wake of COVID-19.
In addition to authorizing contributions to the Poverty Reduction and Growth Trust, the Resilience and Sustainability Trust of the International Monetary Fund, the International Development Association at the World Bank, and the Asian Development Fund, the legislation also authorizes U.S. support for a capital increase for the Inter-American Development Bank’s private sector lending arm, IDB Invest, to support Latin America and the Caribbean’s economic recovery from the pandemic.
“I am proud to introduce the International Finance Institutions Mobilization Act of 2022 to affirm U.S. policy to leverage our position on the world stage to foster economic stability and counter debt shocks beyond our shores,” Chairman Menendez said. “Against the backdrop of COVID-19, which has continued to exacerbate global hunger, poverty, and broader economic insecurity, concerted and deliberate action by the U.S. and its likeminded partners to prevent hazardous economic collapse is crucial. I look forward to working with my colleagues to pass this legislation to bolster support for vulnerable communities and countries as we work to prevent future economic costs.”
Among its provisions, the International Finance Institutions Mobilization Act of 2022 also affirms U.S. policy to leverage its position at international financial institutions to advance global economic security and encourage the creation of standards for transparency and disclosure to hold debtors and creditors accountable.
Find a copy of the International Finance Institutions Mobilization Act of 2022 here.