Press Release: Statement by IMF Managing Director Christine Lagarde on Further Pledges by Switzerland and Other Members to Increase IMF Resources by About US$26 Billion
April 18, 2012Press Release No. 12/142
April 18, 2012
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:
“I have been informed today by the Swiss authorities of their intention to provide a substantial amount of additional financing commitments to the IMF. I warmly welcome this contribution, which demonstrates Switzerland's willingness to support the cooperative effort under way to strengthen economic and financial stability. It also testifies to Switzerland’s continued support for the Fund and its entire membership.
“I also received today firm indications of support from several other countries which, together with Switzerland’s contribution, will amount to over $US26 billion. These countries will formalize their individual commitments in the coming days. These members’ contributions bring total additional commitments of increased resources for the IMF today to US$34 billion. I salute their enduring support for the spirit of multilateralism. Ensuring that the Fund has sufficient resources to tackle crises and to promote global economic stability is in the interests of all our members.
“This brings to about US$320 billion the commitments received so far. I am, or course, very encouraged by this strong demonstration of support for the Fund, and I look forward to further commitments from our broader membership.”
The financial pledges of about US$26 billion from Switzerland and other countries are in addition to previous pledges for increased contributions from the Euro Area of €150 billion (about US$200 billion); Japan of US$60 billion; Sweden of at least US$10 billion; Norway of SDR 6 billion (about US$9.3 billion); Poland of €6.27 billion (about US$8 billion); and Denmark’s Nationalbank of €5.3 billion (about US$7.0 billion).