Taiwan wants to be in IMF to protect itself financially from China

WASHINGTON, D.C.: Taiwan is seeking to join the International Monetary Fund (IMF) to strengthen its financial defenses against potential economic pressures from China.

During the recent IMF and World Bank annual meetings, the Taipei Economic and Cultural Representative Office in Washington emphasized that membership would help boost the island's financial resilience.

Although Taiwan has a significant economy comparable to Poland's, it is often excluded from global organizations due to opposition from China, which claims Taiwan as a breakaway province. China has consistently blocked Taiwan's participation in international forums, including the IMF, where the island is currently listed as the "Taiwan Province of China."

The push for IMF membership is part of Taiwan's broader strategy to raise its global profile, including efforts to join the World Health Organization and Interpol. The United States and its allies have expressed support, advocating for Taiwan's participation despite Chinese resistance. In 2020, legislation signed by then-President Donald Trump made it U.S. policy to support Taiwan's inclusion in international organizations like the IMF.

The move to join the IMF is seen as a measure to protect Taiwan from potential economic attacks by China. Analysts warn that Beijing could destabilize Taiwan's economy through tactics such as manipulating its stock market or foreign exchange rates. IMF membership would grant Taiwan access to financial support in emergencies, helping to safeguard its economy against such threats.

The U.S. House of Representatives recently passed a bill urging the United States to advocate for Taiwan's IMF membership, reflecting bipartisan concern over Beijing's increasing threats. Rep. Patrick McHenry, a Republican from North Carolina, has stressed that financial security is as vital as military defense.

Despite not being recognized by the United Nations, Taiwan draws parallels to Kosovo, which is an IMF member even without UN status. Rep. Young Kim of California highlighted this example to argue for Taiwan's inclusion, emphasizing its position as one of the world's most advanced economies.