IMF running out of cash

The International Monetary Fund (IMF) assumes the central role in coordinating international support for financially troubled countries. But fears are growing that it is running short of cash, just as the currency and financial crisis is spreading from East Asia to Russia.

Most IMF member countries, including Japan, are ready to pay their dues, once their respective legislative bodies have approved the contributions. However, the agreed funding increment has been held back by the United States. That country contributes 17.5 percent of the IMF's funding -- the largest among member states.

The administration of U.S. President Bill Clinton has still not received approval from Congress to pay its share. The IMF needs to strengthen its financial footing so it can improve its ability to resolve a currency and financial crisis of global proportions. We urge Washington to pay its share as soon as it receives congressional approval.

-- Yomiuri Shimbun, Tokyo