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This week, the US Congress again failed to approve a modest appropriation that would have shored up financing for the International Monetary Fund and given China and other emerging economies greater responsibility there. Support for the IMF may seem arcane, but it has important implications for America’s global role – and the signs are not good.
Indeed, if there was ever a moment for Congressional approval of the IMF reform package, this was it: the measure would have greatly increased the IMF’s ability to support Ukraine, a key American objective, at a much lower cost than the alternative of a US bilateral credit guarantee.