Japan offers Fund loans of US$60b
Source: Agencies |
April 18, 2012, Wednesday
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Print Edition
Print Edition
JAPAN pledged US$60 billion in loans to the International Monetary Fund yesterday in an effort to ensure that the debt crisis in some European economies won't spread.
Japanese Finance Minister Jun Azumi announced the emergency loan, which will use the nation's foreign exchange reserves, his ministry said.
IMF Managing Director Christine Lagarde welcomed the move and encouraged other fund members to do the same.
"This is an important step forward in the ongoing international effort to strengthen the adequacy of the global resources available to prevent and fight crises and to promote global economic stability," Lagarde said in a statement.
IMF lending may be on the agenda when finance chiefs from the Group of 20 economies meet in Washington this week.
Greece, Ireland and Portugal had to seek bailouts after their borrowing costs rocketed, and there are concerns Spain may be next. Spain has the fourth-largest economy among the 17 nations that use the euro.
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