Obama to seek $100B for IMF in supplemental

The International Monetary Fund (IMF) will benefit from a new commitment of $100 billion from the U.S., the Obama administration announced Monday.

The Treasury Department said the administration would ask for the sum in the supplemental appropriations bill before Congress.

The Treasury asserted in the announcement that the spending, which would be used to build reserves for the IMF’s lending facility, could induce contributions from other IMF participants, and bring in as much as an additional $400 billion internationally.

“This is a central component of our comprehensive economic strategy to protect American families,” a Treasury fact sheet claimed. “Without adequate IMF support, countries may experience financial failures that negatively impact U.S. jobs and exports and undermine the substantial efforts the Administration has taken to stimulate and revive our economy.”