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发表于 2012-6-19 12:15 AM
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By MarketWatch
LOS CABOS, Mexico--Several key emerging market countries Monday detailed their plans to boost the International Monetary Fund's coffers by more than $90 billion to push the total new commitments to around $456 billion, according to the IMF.
China is pledging $43 billion while India, Russia BrazIl, and Mexico told the G-20 they'd commit around $10 billion each. Turkey committed $5 billion, and a handful of others offered around $1 billion.
The commitments demonstrate "the broad commitment of the membership to ensure the IMF has access to adequate resources to carry out its mandate in the interests of global financial stability," IMF chief Christine Lagarde said in a statement.
"These resources are being made available for crisis prevention and resolution and to meet the potential financing needs of all IMF members," she said.
The Group of 20 largest industrialized and developing nations in April pledged to increase the IMF's war chest amid the euro zone's worsening debt crisis, with most of the funds coming from European nations. But the source of around $70 billion of the $430 billion announced by the IMF wasn't revealed at the time.
Emerging markets such as China and Brazil are frustrated by what they say is the slow pace of governance reforms that would give them greater power at the fund. They've also expressed concern about signing off on new loans to the IMF that may be used to backstop the euro zone without stronger action from European officials to fix their crisis. Several of the largest emerging economies said earlier in the day their fund-pledges are based on the assumption IMF members would move ahead governance reform on schedule.
The G-20 is expected to rubber-stamp the resource boost in their official communication Tuesday in an effort to reassure markets worried that the euro-zone crisis could explode.
The IMF won't be able to tap the new funds until after its existing $380 billion in lending capacity is nearly exhausted and only when the countries actually lend the IMF the money. That could take months. Also, since the IMF will need to hold some of the new money back in insurance reserves, the new cash boost will roughly double the IMF's lending ability to around $700 billion. |
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