TAIPEI: A bill to support Taiwan's admission into the International Monetary Fund (IMF) has been approved by the United States House Financial Services Committee, the Taiwanese media reported on Friday.
The US House Financial Services Committee passed the Taiwan Non-Discrimination Act of 2025, a bipartisan bill led by Republican House of Representative Young Kim and her counterpart Democratic Party Representative Al Green that aims to ensure Taiwan's participation in the IMF.
"As the 21st largest economy in the world and the 10th largest goods trading partner of the United States, Taiwan plays a critical role in the global economy but remains excluded from the IMF due to pressure from the Chinese Communist Party, " Kim was quoted as saying by Taipei Times. "We cannot allow the Chinese Communist Party to dictate international financial policy and sideline a key democratic partner. I thank the House Financial Services Committee for passing this bipartisan bill, and I will keep fighting to get this across the finish line, " she added.
Green mentioned that Taiwan deserves to rejoin the IMF, not only because of its status as a vibrant democracy, but also for its dynamic economy that contributes significantly to global growth.
"Taiwan's inclusion would enhance the IMF's mission and promote stability and prosperity, embodying the values we uphold as we advocate for democratic principles worldwide, " said AI Green.
The Taiwan Non-Discrimination Act will ensure the US governor of the IMF advocates for Taiwan's admission into the IMF as a member; Taiwan's participation in the IMF's regular surveillance activities relating to Taiwan's economic and financial policies; Employment opportunities at the IMF for Taiwan nationals; and, Taiwan's ability to receive IMF technical assistance and training, Kim highlighted.
Taiwan retained its IMF membership for nine years after it lost its seat to China in the United Nations in 1971. China later replaced Taiwan as an IMF member in 1980.
The IMF, having 191 members, is a global organisation that works to achieve sustainable growth and prosperity. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.