The International Monetary Fund (IMF) today announced additional contributions by the United Kingdom, Australia, South Korea and Singapore for a total of 41,000 million dollars in the process of strengthening the resources of international financial institution.
The IMF managing director, Christine Lagarde, has welcomed the commitment of these four countries and noted that the total resources rising to the 357,000 offered millions of dollars “through the cooperative effort underway.”
“This large response to our request for additional resources will help strengthen the global financial and economic stability in the interest of all our members,” Lagarde said in a press release.
Australia will provide 7,000 million, South Korea 15,000 million, 4,000 million Singapore, and 15,000 million from the United Kingdom, has stated the Fund.
“I am encouraged by this new example of strong support from the IMF by our members and hope that no future engagements,” said Lagarde.
The expansion of resources of the international organization is one of the main challenges of the spring meetings of IMF and World Bank are held this week in Washington.
In recent days, the Fund announced additional contributions by Japan, Switzerland, Sweden, Norway, Denmark, Poland and Finland in addition to the eurozone.
Lagarde stated goal of these meetings to get increased resources at 400,000 million dollars.
However, and so far has failed to convince called BRICS countries (Brazil, Russia, India, China and South Africa), the emerging powers that determine its support for these enhanced resources to achieve greater say in the IMF.
Category: Business News