Thailand among 12 countries providing additional funding to boost IMF coffers
Twelve countries including Thailand have pledged additional contributions to increase the International Monetary Fund resources, bringing total commitments to US$456 billlion.
Additional pledges were made in Mexico during the G-20 Leaders’ Summit. These come at the time when the IMF is expected to provide huge packages to European countries, to ringfence the euro crisis. Altogether, 37 IMF member countries joined the collaborative effort. They represent about three-fifths of total quota in the organisation.
“A number of IMF member countries have today announced pledges to boost IMF resources, completing the effort launched jointly at our Spring Meetings in April 2012 by the International Monetary and Financial Committee (IMFC) and G-20. Countries large and small have rallied to our call for action, and more may join. I salute them and their commitment to multilateralism. As a result, total pledges have risen to US$456 billion, almost doubling our lending capacity,” said IMF managing director Christine Lagarde in a statement.
She said that the move demonstrates “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.
"These resources are being made available for crisis prevention and resolution and to meet the potential financing needs of all IMF members. They will be drawn only if they are needed as a second line of defence after resources already available from quota and the existing New Arrangements to Borrow are substantially used. If drawn, they will be repaid with interest. The IMF is committed to assuring our members' interests and resources are safeguarded.”
Here is the list of participating countries and their pledges in US dollar.
Australia/US$7
Austria/ 8.1
Belgium/13.2
Brazil*/US$10
China*/US$43
Colombia*/US$1.5
Cyprus/0.6
Czech Republic[2]/2.0
Denmark/7.0
Finland/ 5.0
France/41.4
Germany/54.7
India*/US$10
Italy/31.0
Japan/US$60
Korea/US$15
Luxembourg/ 2.7
Malaysia*/US$1
Malta/0.3
Mexico*/US$10
Netherlands/18.0
New Zealand*/US$1
Norway/SDR 6.0
Philippines*/US$1
Poland/ 8.3
Russia*/US$10
Saudi Arabia/US$15
Singapore/US$4
Slovak Republic/ 2.1
Slovenia/1.2
South Africa*/US$2
Spain/ 19.6
Sweden/At least US$10.0
Switzerland/US$10
Thailand*/US$1
Turkey*/US$5
United Kingdom/US$15
TOTAL: US$455.9
Memorandum items
Euro Area/197.9
Non-Euro Area/42.2
Non-EU members/210.3
* Countries that pledged at the G-20 Summit in Los Cabos
