WASHINGTON (AP) – Taiwan, a large economy similar in size to Poland but not a member of the international organization, is a member of the International Monetary Fund, an organization of 190 countries that provides emergency loans and other financial assistance to member countries. We are actively promoting participation in
“Taiwan’s membership in the IMF will help strengthen its fiscal resilience,” the Taipei Economic and Cultural Representative Office in Washington said at the IMF and World Bank annual meetings held this week. The office serves as the de facto embassy of Taiwan in the United States.
The push is part of a broader effort to raise the self-governing island’s global standing. Taiwan also aims to participate in the United Nations World Health Organization’s annual World Health Assembly and join Interpol. The United States and its allies are supporters of Taiwan.
But China, which considers Taiwan an independent province and has threatened to annex it by force, has blocked such efforts and claims to represent Taiwan in international forums. The island is currently designated as “China’s Taiwan Province” in IMF literature.
In 2020, then-President Donald Trump signed a bill asserting Taiwan’s membership and observer status in international organizations such as the IMF as part of U.S. policy.
The US State Department said the world “stands to benefit from Taiwan’s expertise and resources to address some of today’s most difficult global challenges.” It said it would continue to support Taiwan’s membership in international organizations that do not require statehood, and encourage Taiwan’s meaningful participation in organizations where membership is not possible.
The IMF has not commented on Taiwan’s efforts to gain membership. The United States has the biggest say in the group, but China also has influence, with more voting power than any other country except the United States and Japan.
Mr. Bo Li served as vice president of the People’s Bank of China and currently serves as deputy managing director of the IMF.
The idea of Taiwan joining the IMF is to protect democratically governed Taiwan from financial attacks by China, which would seek to occupy it by force if necessary.
While the U.S. government is concerned about a military conflict in the Taiwan Strait, analysts and observers have expressed concern that Beijing could wage economic and cyber warfare to force Taiwan to surrender. are.
Research group Taiwan Banking and Financial Research Institute said in a report this month that China could seek to destabilize Taiwan’s currency by placing big bets on Taiwan’s stock market and manipulating foreign exchange markets. I warned you. Joining the IMF would give Taiwan access to ready funds to defend itself.
The US House of Representatives has approved a bill directing the US to support Taiwan’s membership in the IMF. The bill reflects growing concerns from both Republicans and Democrats about Beijing’s growing threat to Taiwan, an island critical to the global supply of computer chips.
Rep. Patrick McHenry, Republican of North Carolina and chairman of the House Financial Services Committee, said in January that the United States would look beyond China’s military threat and help Taiwan protect itself economically. argued that it was necessary.
“As one of the most advanced and innovative economies in the world, Taiwan should be included in the Fund’s work,” McHenry said.
Taiwan does not have a seat in the United Nations. However, Representative Young Kim (R-Calif.) pointed out that Kosovo in southeastern Europe is an IMF member state, even though it is not recognized by the United Nations.
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Associated Press writer Fatima Hussein contributed from Washington.
