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Rubio: Biden Should Veto IMF Bailout of the Chinese Communist Party and the Maduro Regime

Mar 24, 2021 | Press Releases

Washington, D.C. – U.S. Senator Marco Rubio (R-FL) released a statement after the Board of Governors of the International Monetary Fund (IMF) reportedly discussed issuing up to $650 billion in new Special Drawing Rights (SDRs). The new allocation of SDRs — a type of international reserve currency — would be funded based on existing reserve contributions, the largest portion of which came from the U.S. Treasury. The Chinese Communist Party (CCP) would receive a significant share of the benefit, both directly given its control of the People’s Republic of China, an IMF member state, and indirectly as other debt-trapped countries would likely use the funds to repay predatory loans they owe to China’s genocidal regime. Countries like Iran and Russia, as well as the illegitimate Maduro narco-regime in Venezuela, stand to benefit as well. Given its large financial commitment to the IMF, the United States could veto the issuances of new SDRs.

“The Biden Administration should veto any effort by the IMF to funnel money to the Chinese Communist Party and other anti-American regimes across the world,” Rubio said. “There is absolutely no reason to use American taxpayer dollars to do the bidding of Xi Jinping, who is committing genocide against the Uyghurs and persecuting Hong Kong’s pro-democracy movement. There is absolutely no reason to make American taxpayers shovel tens of billions of dollars to the Kremlin or Caracas. And there is absolutely no reason to promote an international reserve currency over the U.S. dollar. That is an invitation for Xi and Putin to undermine America’s economic power. President Biden needs to use common sense and do what is good for America.”