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Business

EU to give important boost to IMF funding

Text by NEWS WIRES

Latest update : 2009-09-02

Swedish Finance Minister Anders Borg (photo), whose country holds the EU presidency, has announced that the European Union is raising its funding promises to the International Monetary Fund from 75 billion euros to 125 billion euros.

AFP - European Union finance ministers agreed on Wednesday to raise the bloc's contribution to the International Monetary Fund to 125 billion euros (178 billion dollars).
  
"We have to put our money where our mouths are," said Swedish Finance Minister Anders Borg, whose country holds the EU presidency.
  
He said the 27 EU nations had also reached a "strong common position" on French-led efforts to curb banking's bonus culture.
  
"There has been agreement on the issue of IMF financing... We are ready to take our responsibility for strengthening the financing of the organisation," he told reporters in Brussels.
  
Going into G20 meetings in London this weekend and Pittsburgh later this month, "there is agreement that 125 billion (euros) is a position that... we want from Europe," he added after talks with his EU counterparts.
  
Up to now the EU has engaged to support the IMF with 75 billion euros, or around 100 billion dollars.
  
"Obviously, there will be continuous discussions on the burden-sharing from the different countries but there is a European commitment there."
  
G20 leaders agreed at a summit in April in London to hike the IMF's New Arrangements to Borrow (NAB) by up to 500 billion dollars.

Date created : 2009-09-02

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