Taiwan wants to join IMF to get financial protection from China

Taiwan a major economy the size of Poland but absent from global organisations is making a longshot push to join the International Monetary Fund the 190country organisation that offers members emergency loans and other financial assistanceTaiwans membership at the IMF would help boost financial resilience the Taipei Economic and Cultural Representative Office in Washington said during this weeks IMF and World Bank annual meetings The office serves as Taiwans de facto embassy in the USThe push is part of a wider effort to boost the selfgoverned islands global status Taiwan also is seeking to participate in the UN World Health Organisations annual World Health Assembly and join Interpol The US and its allies are Taiwans supportersBut China which sees Taiwan as a breakaway province and threatens to annex it by force has blocked such efforts and insists it represent Taiwan in international forums The island is now designated as Taiwan Province of China in IMF literatureIn 2020 thenPresident Donald Trump signed legislation making it US policy to advocate for Taiwans membership or observer status in international organizations such as the IMFThe US State Department said the world stands to benefit from Taiwans expertise and resources to address some of todays most difficult global challenges It said it will continue to support Taiwans membership in international organizations where statehood is not required and encourage Taiwans meaningful participation in groups where its membership is not possibleThe IMF had no comment on Taiwans efforts to gain membership The US has the biggest say within the group but China is also influential having more voting power than any other country except for the United States and Japan Bo Li who had worked as vice governor of the Peoples Bank of China now serves as the IMFs deputy managing directorThe idea for Taiwan to join the IMF is to protect the democratically ruled island from a financial assault by China which is determined to seize the island by force if necessaryWhile Washington is worried over a military conflict in the Taiwan Strait analysts and observers have raised concerns that Beijing could wage an economic and cyber war to force a surrender from TaiwanIn a report this month the research group Taiwan Academy of Banking and Finance warned that China could try to destabilize the Taiwanese currency by placing big bets against Taiwans stock market and manipulating foreign exchange markets Joining the IMF would give Taiwan access to a rainyday fund it could use to defend itselfThe US House has approved a bill that would direct the United States to advocate for Taiwans IMF membership The legislation reflects growing concern from Republicans and Democrats alike over Beijings rising threats to Taiwan an island critical to the global supply of computer chipsRep Patrick McHenry a North Carolina Republican and chairman of the House Financial Services Committee argued in January that the United States needed to look beyond Beijings military threats and help Taiwandefend itself financiallyAs one of the worlds most advanced and innovative economies Taiwan should be included under the funds activities McHenry said Taiwan does not have a seat at the United Nations But Rep Young Kim RCalif has noted that Kosovo in southeastern Europe is an IMF member even though it is not recognized by the UNThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever