Clinton Hails U.S. Contribution to IMF in Radio Address

President Clinton heralded the United States’ newly approved $17.9-billion contribution to the International Monetary Fund as “an insurance policy for our own economy” and pressed Japan once more to shore up its banks.

America’s prosperity is inextricably tied to markets overseas, and “we stand ready to help countries that develop policies to keep their economy strong,” Clinton said in Saturday’s weekly radio address. And while a Japanese parliament vote to pump billions of dollars into that country’s troubled banks is welcome news, he said, it’s not enough.

“Now it’s critical to avoid further delay by moving quickly and using that money most effectively. . . . Now the health of Asia’s economy--and indeed the world--depends upon Japan,” Clinton said.

Intense negotiations over an omnibus budget bill yielded a victory for Clinton on IMF funds late last week.

The money will leverage $90 billion in new aid to teetering foreign economies, Clinton said.

In exchange for agreeing to the full $17.9 billion, the Republican majority insisted that the U.S. contribution come with strings attached: shorter loans at higher interest rates and more public deliberations by the board of directors of the 182-nation lending institution.

The spending legislation is expected to pass Congress this week. Looking ahead to signing that massive budget package, Clinton said Saturday:

“Now the IMF is stronger and ready to act. We must make certain that when it acts, it acts to promote global growth and to limit the reach of financial crisis,” Clinton said. “In turn, this will foster a stronger economy here at home and help our own workers, farmers and ranchers.”

Meanwhile, Clinton signed defense authorization and spending bills Saturday for the fiscal year that began Oct. 1. He voiced reservations, however, about a provision in the $271-billion spending bill that requires him to report to Congress before any military involvement in Albania, Macedonia or the Serbian province of Kosovo.

The legislation raises military pay by 3.6%, supports Clinton’s decision to keep U.S. troops in Bosnia and imposes new curbs on satellite exports.