Tashkent, Uzbekistan (UzDaily.com) -- The United States will accelerate approval of new significant country contributions to the International Monetary Fund (IMF), a Dunyo correspondent reports with reference to the IMF’s Department of Public Communications.

The International Monetary Fund welcomed the decision of the US Congress regarding the approval of US commitments to increase IMF resources in an accelerated manner.

As reported earlier, on 16 January 2020, as part of a package of measures in relation to financial resources and the management of the IMF, the IMF Executive Council decided to double the IMF’s lines of credit under the New Borrowing Agreements (NHA). This measure requires approval by the legislature or other authorities of some of the participating countries.

“The US decision to expedite the approval of significant new contributions by the country to the IMF is a convincing signal to the international community and helps strengthen the IMF’s lending capacity of $ 1 trillion. It was adopted at a critical time when the whole world is fighting COVID-19 and the demand for IMF resources is at a high level,” said IMF Managing Director Kristalina Georgieva.

She added: “After the US has taken this important step, I am confident that other NHA participants that have not yet done so will also accelerate their commitments so that the IMF can continue to play its vital role as lender of last resort in this crisis time.”