Lagarde to Push EU to Give IMF More Than $100 Billion |
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April 22,2009
French Finance Minister Christine Lagarde is lobbying her European Union counterparts to increase the region’s extra contribution to the International Monetary Fund beyond the $100 billion initially pledged, an aide to Lagarde said.
French Finance Minister Christine Lagarde is lobbying her European Union counterparts to increase the region’s extra contribution to the International Monetary Fund beyond the $100 billion initially pledged, an aide to Lagarde said.Lagarde is about to send a letter asking EU governments to support her plan to give more than the amount pledged last month during a summit of the Group of 20 nations in London, an aide to the minister told reporters in Paris today on condition he wouldn’t be identified.
European leaders decided to provide an extra $100 billion to the IMF in March, before the Group of 20 nations’ April 2 agreement to triple the fund’s lending to $750 billion. Based on the representation of EU members in the IMF, the new goal would mean an EU contribution of $160 billion, according to the aide.
The G-20 turned to the Washington-based IMF to prevent the worst financial crisis since the Great Depression from swamping more developing nations. On top of the additional $500 billion, the fund this month also got another $250 billion in Special Drawing Rights, an overdraft facility for its 185 members.
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