Frenchhill4

REP. HILL DISCUSSES OPPOSITION TO BIDEN ADMINISTRATION’S PLANS TO SUPPORT IMF SDR ALLOCATION

Arkansas

ORGANIZATIONS IN THIS STORY

Yesterday, Rep. French Hill (AR-02) joined Alex Christoforous and Kristin Myers of Yahoo Finance to discuss the Biden Administration’s plans to support an International Monetary Fund (IMF) Special Drawing Rights (SDR) allocation of $650 billion.

The IMF plans to allocate $650 billion through a general SDR allocation. Congressman Hill has expressed his opposition to this general allocation without guidelines because countries with strong economic standing as well as rogue regimes including Syria, Russia, Iran, and even China, will get billions of dollars while the low-income countries that most need it will get less than 10% of the $650 billion allocation.

Key quotes included below:

  • Rep. Hill: “Instead they [the IMF] are doing this general allocation which means most of the money goes to rich countries that don’t need additional reserves or potentially to rogue regimes that we have trouble with in the United States. Such as Syria, Russia, Iran, even China would get $40 billion.”  
  • Rep. Hill: “We all support helping the hardest hit, poorest countries through the pandemic. We just simply argue that a $650 billion general allocation of SDRs isn’t the most targeted way to do that.”
  • Rep. Hill: “That’s why we’re consulting with the administration to try to make sure that this money is targeted as best that it can, that it can’t be used by rogue regimes, terrorist supporters, or by China to prey on poor countries and get their debt trap financings repaid through the use of these SDRs.”
Click HERE or on the image below to watch the full interview with Rep. Hill on Yahoo Finance.

Original source can be found here.

ORGANIZATIONS IN THIS STORY

National Spotlight

New Mexico reports strong economic growth across multiple counties

by Campaigns Daily
The New Mexico Economic Development Department (EDD) has released its quarterly statewide and county economic summaries, indicating significant growth in several key industry sectors.
Letters to the Editor
Have a concern or an opinion about one of our stories? Click below to share your thoughts.

More News