The Office of Monetary Affairs (OMA) monitors global macroeconomic developments and works to prevent and resolve financial crises in countries where U.S. interests are at risk. OMA also works to expand global economic growth and development by advocating sound macroeconomic policies that foster economic stability and expand opportunities for U.S. trade and investment worldwide.
OMA provides the Secretary of State with expertise on global financial and macroeconomic issues, working in close cooperation with the Treasury Department’s Office of International Affairs. OMA is the Department’s liaison with the International Monetary Fund (IMF), and it consults with representatives of private financial institutions to ensure that U.S. foreign policy reflects our economic interests abroad.
To help poorer countries overcome unsustainable debt burdens and improve their chances for economic growth and development, OMA promotes sustainable debt management through the Paris Club, representing the Secretary of State as head of the U.S. delegation. The Paris Club is the forum for coordinating debt relief among sovereign creditors and debtors. OMA also coordinates with the Treasury Department to formulate U.S. debt-relief policies more broadly and to promote initiatives through multilateral institutions.
OMA develops strategies to fight corruption and improve transparency from an economic and business perspective. OMA heads the U.S. delegation to the OECD Working Group on Bribery, and coordinates interagency policy on leveling the playing field for U.S. business and improving governance by fighting bribery in international business. OMA also leads Department policy on public financial management, coordinating the annual Fiscal Transparency Report and co-administering the Fiscal Transparency Innovation Fund to improve fiscal management and foster greater accountability on the part of governments in developing countries.