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Clinton urges IMF funding
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October 2, 1998: 11:43 a.m. ET
President says Congress must approve $18B package to avert global recession
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NEW YORK (CNNfn) - President Clinton strongly urged Congress Friday to approve $18 billion in funding for the International Monetary Fund, declaring that the United States must take an active role in fending off a global recession.
"We cannot remain an oasis of prosperity in a world in which so much of our growth depends upon trade, and in which so many of our trading partners are experiencing economic turmoil," Clinton said in a press conference.
Stressing that the United State must be an aggressive leader in the global economy, Clinton often angrily reiterated his belief that Congress' most important action in the remaining days of its current session is to support full funding of the IMF.
"Every day Congress delays (IMF funding) increases our vulnerability to crisis, decreases confidence in global markets and undermines our prospects," Clinton said.
"If America is to continue to grow, we must lead. We cannot lead if we won't even pay our fair share to the International Monetary Fund. I've been asking for this for almost a year. The crisis overseas continues to intensify. This is inexcusable."
Pointing out that the world "faces the most serious financial challenge in 50 years," Clinton said he, along with Treasury Secretary Robert Rubin and Federal Reserve Chairman Alan Greenspan, are proceeding with initiatives designed to stabilize the economies of world markets.
Clinton said he will participate in discussions Rubin and Greenspan have arranged with the world's financial ministers and central bankers. Those meetings are scheduled for Monday in Washington.
On Tuesday, Clinton said he will address the World Bank and the IMF to "underscore the urgency for quick action and the need for long-term reform of the international financial system."
Clinton said the United States will work with the IMF and the Group of Seven industrialized nations to work on a "new mechanism anchored in the IMF" to provide funds for nations battered by the global economic crisis.
He also said he is asking international lenders such as the World Bank to explore a new lending facility for economically trouble countries.
The president also said despite current economic conditions, U.S. businesses will continue to help foster growth abroad.
"The U.S. will take new steps to encourage American businesses to continue exporting to and investing in emerging markets hurt by the crisis." [290K WAV] or [290K AIFF] 
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