Reps. Garcia, Ocasio-Cortez, Jayapal, and 15 others urge Secretary Yellen to oppose IMF surcharges
Today Representatives Jesús “Chuy” García (IL), Alexandria Ocasio-Cortez (NY), Pramila Jayapal (WA), and 15 other Democratic Members of Congress, sent a letter to Treasury Secretary Janet Yellen urging her to use the voice and vote of the United States at the International Monetary Fund (IMF) to abolish the IMF’s surcharge policy.
The policy requires countries with substantial or longstanding debts to the IMF to pay considerable fees on top of their debt servicing costs.
Debtor countries are expected to owe more than $4 billion in surcharge payments to the IMF — on top of interest payments and fees — by the end of 2022.
“At a time when countries around the world should be focused on this public health crisis, these surcharges divert billions of dollars into the IMF’s pockets here in Washington and prevent an equitable recovery,” Congressman García noted.
Co-signers of the letter include Representatives Adriano Espaillat (NY-13), Ilhan Omar (MN-05), Rashida Tlaib (MI-13), Eleanor Holmes Norton (DC-00), Earl Blumenauer (OR-03), Jan Schakowsky (IL-09), Raul M. Grijalva (AZ-03), Barbara Lee (CA-13), James P. McGovern (MA-02), Betty McCollum (MN-04), Sara Jacobs (CA-53), Karen Bass (CA-37), Mondaire Jones (NY-17), Ro Khanna (CA-17), and Judy Chu (CA-27).
At: https://chuygarcia.house.gov/media/press-releases/representatives-garc-ocasio-cortez-and-jayapal-urge-secretary-yellen-oppose-imf
Congresswomen Rashida Tlaib, Ilhan Omar, and Alexandria Ocasio-Cortez during a recent press conference.
They, and 15 other congressional Democrats, issued an appeal to Treasury Secretary Janet Yellen urging her to encourage the IMF to abolish its surcharge policy.
IMF surcharges are, by the end of this year, expected to cost debtor nations over $4 billion - even as they struggle with the ongoing pandemic and its economic impact.
