Draft International Monetary Fund (Increase in Subscription) Order 2024

Tulip Siddiq Excerpts

Monday 13th May 2024 General Committees

[Tulip Siddiq (Hampstead and Kilburn) (Lab)]

It is a pleasure to serve under your chairmanship, Sir Graham.

We welcome this draft statutory instrument. The changes are part of the IMF’s worldwide resolution to change its funding model to reduce the level of IMF temporary loan facilities, and will increase the funding provided through the quota system to the same extent, as the Minister explained. We believe that the changes serve to make the IMF stronger and more legitimate, and are key to ensuring economic stability.

The official Opposition are completely committed to such stability, which is underpinned by strong fiscal rules, robust independent institutions—the Treasury, the Bank of England and the Office for Budget Responsibility— and international economic institutions such as the IMF, which promote financial literacy, stability and monetary co-operation. We therefore fully support the proposals and for once, I do not have a host of questions for the Minister.

Question put and agreed to.