Taiwan Preparing for IMF Bid with US Support as China Remains Silent

It has been revealed that Taiwan is preparing to apply for membership in the International Monetary Fund (IMF).

During a hearing of the U.S. House Financial Services Committee on September 15, Representative Young Kim, chairwoman of the House Foreign Affairs Subcommittee on the Indo-Pacific, announced Taiwan's preparations for membership.

Rep. Kim stated, "U.S. officials have been continuously working with Taiwanese government representatives," adding, "I hope that the U.S. will use its voice in the IMF to support Taiwan's application or encourage Taiwan to submit its application as soon as possible."

Rep. Kim emphasized that a strong Taiwan is the most effective tool to counter China's economic pressure.

U.S. Treasury Secretary Scott Bessent refrained from commenting on Rep. Kim's remarks.

Taiwan has not denied the reports.

Taiwan's Ministry of Foreign Affairs stated that relevant government agencies are conducting research and reviews regarding IMF membership.

The Chung-Hua Institution for Economic Research, a Taiwanese state-backed think tank, advised that IMF membership requires not only the recognition of state status, but also compliance with financial system standards and member obligations.

It also pointed out that while the IMF is an independent international financial organization separate from the United Nations and does not require UN approval, it is very likely to cite UN definitions regarding state status recognition, which could act as a stumbling block.

Previously, when Taiwan joined the World Trade Organization in 2002, it applied under the name "Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu."

The Chinese government has not yet released any specific official stance.

Taiwan was a founding member of the IMF when it was established in December 1945, but lost its membership status after China's representation at the United Nations was transferred to the government of the People's Republic of China in 1971.

(Reported by Kim Jiuk | Video by Chang Yu-jin | Graphics by Yook Do-hyun | Produced by SBS Digital News)
※ Please note: This article was translated by AI and may contain errors.