Republicans force Reid’s hand regarding IMF
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Senate Majority Leader Harry Reid has decided to drop a provision to reform the International Monetary Fund (IMF) from the bill that provides aid to Ukraine. Republicans made it clear no such provision would clear the House and Reid knew it.
This was the often seen attempt to slide in other measures into legislation that often have nothing to do with the original bill. This is a win sort of, but don’t toot your horns yet. With Democrats dumping the IMF provisions, Republicans will give up their demand that Congress vote to delay the administrations changes to rules cracking down on political activity of non-profits.
The United States has already pledged $1 billion in loan guarantees to Kiev and Congress seems to be in support of this kind of aid. The Senate package shifts $63 billion from the IMF’s crisis account to its general fund. It also makes good on a 2010 agreement to give emerging economies more influence at the IMF.
Congressional Republicans have raised concerns about potential taxpayer risk with the IMF agreement. More troubling, the deal reduces the United States’ influence at the IMF.
The Ukraine aid bill minus the IMF provisions is expected to quickly pass.