U.S. Treasury Secretary Steven Mnuchin says the International Monetary Fund and World Bank are important partners in addressing global economic issues.
“I think that the IMF and World Bank are both very important institutions. As important today as they’ve ever been,” Mnuchin said during a forum to commemorate 75 years since Bretton Woods. Mnuchin added that he’s had “a very productive relationship” with IMF Managing Director Christine Lagarde.
Mnuchin said adequate funding for the Fund is a top priority.
“The first issue we have to reach an agreement on is the size of the balance sheet and the resources. And we want to make sure that the IMF has the necessary resources not only for today but for unforeseen circumstances. And I think that’s something we’re going to have an agreement on. And the second issue is, kind of what’s the structure of those resources. And, again it can be a combination of quota, NABs (New Arrangements to Borrow) And potentially bilateral situations.”
Moderator Greg Ip of the Wall Street Journal asked Mnuchin if the U.S. is supporting quota reform.
“We are fully supportive that the IMF has the necessary resources. We don’t think it necessarily has to be in quota increases. There’s other ways that it can be done. And as the largest shareholder, obviously we have a big interest in this and supporting them.”