US lawmakers asked the Treasury secretary to cut the surcharges that the IMF collects from debtor countries

Martín Guzmán and Janet Yellen, United States Secretary of the Treasury, during an official meeting

Democratic representatives Jesús G. “Chuy” García, Alexandria Ocasio-Cortez and Pramila Jayapal – along with thirteen other members of the ruling party – sent a long letter to the Secretary of the Treasury, Janet Yellen, demanding that the International Monetary Fund (IMF ) review your policy on applying surcharges to indebted countries.

The claim of the United States legislators is in line with the proposal that Alberto Fernández made at the G20 summit in Rome and that was discarded by the White House when it was discussed at the last meeting of the IMF board..

“We urge to support an immediate review of the IMF surcharge policy and to support the elimination of these unfair and counterproductive rates”, García, Ocasio-Cortez and Jayapal wrote to the Secretary of the Treasury, in a parliamentary letter that was endorsed by 13 other Democratic representatives.

And they added in their letter to Yallen: “Global disparities have widened since the COVID-19 pandemic began 19 months ago, And it is more important than ever to work with our global partners for the International Monetary Fund (IMF) to provide robust financial support for a true global recovery. We are concerned that the IMF flight attendants, which implies that countries that already have debt problems and deep financial problems, in addition to having to pay onerous fees additions to the Fund, undermine the objective of global recovery ”.

The President and Martín Guzmán have raised the problem of flight attendants during all the trips they undertook together and separately around the world. Alberto Fernández and his minister insisted on this matter in front of Pedro Sánchez (Spain), Mario Draghi (Italy), Ángela Merkel and his successor Olaf Scholz (Germany), and during the two conclaves that they starred together with the managing director of the IMF, Kristalina Georgieva.

The climax of the head of state’s political crusade occurred during the G20 summit in Rome, which included in its final communiqué the need to review the overburdened policy implemented by the IMFwith the countries that received credits above the quotas they contribute to the multilateral organization based in Washington.

But the board of the Fund, controlled by the United States, sidestepped the final communiqué of the G20 and decided to postpone a decision that had been agreed in Rome. Not only is the White House reluctant to review flight attendants: Japan, Canada, Australia and Germany are also joining in.

Alberto Fernández during his meeting with Kristalina Georgieva in Rome
Alberto Fernández during his meeting with Kristalina Georgieva in Rome

In the face of the resistance of the Secretary of the Treasury, who responds to the indications of the White House, the Argentine government carried out a silent job on Capitol Hill to gain political support for its proposal to cut the surcharges charged by the IMF.

That diplomatic work paid off among the representatives who belong to the left of the Democratic Party. García, Ocasio-Cortez and Jayapal know what happens in Latin America and have worked together to prevent Biden from moving from the center to the right of the political scene in Washington.

“The IMF’s policy of surcharges is an obstacle to growth and social spending in developing countries and undermines efforts to lead the challenges facing the world in these times”, supports the letter from García, Ocasio-Cortez, Jayapal and 13 other government representatives to which it agreed Infobae.

Leave a Comment


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published.