IMF Managing Director Christine Lagarde Welcomes Pledges by Members to Increase Fund Resources by Over US$430 billion

Press Release No. 12/147
April 20, 2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

“We warmly welcome pledges by our members to increase IMF resources by over $430 billion, almost doubling our lending capacity. This signals the strong resolve of the international community to secure global financial stability and put the world economic recovery on a sounder footing. 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, and if drawn, will be refunded with interest.

I would like to express my thanks to all the countries that have already announced specific contributions, which are listed below. I am also grateful to China, Russia, Brazil, India, Indonesia, Malaysia, and Thailand1 and other countries all of whom have indicated that they will be among the contributors.

This broad-based response to our request for additional resources will help strengthen global economic and financial stability in the interests of all our members. We made a call to action, and our members have delivered. By their bold actions, our members have once again shown their firm resolve to stand by the IMF and ensure it has the resources necessary to do its job. In turn we at the Fund commit to safeguard our members’ interests and resources. I am very encouraged by this further demonstration of strong support for the Fund, and I look forward to further commitments from our broader membership.”

***

Total commitments so far of over US$430 billion to the current effort to increase Fund resources consist of pledges from:

Euro Area

€150 billion

(about US$200 billion)

Japan

 

US$60 billion

Korea

 

US$15 billion

Saudi Arabia

 

US$15 billion

United Kingdom

 

(US$15 billion)

Sweden

 

at least US$10 billion

Switzerland

 

US10 billion

Norway

SDR 6 billion

(about US$9.3 billion)

Poland

€6.27 billion

(about US$8 billion)

Australia

 

US$7 billion

Denmark’s Nationalbank

€5.3 billion

(about US$7 billion)

Singapore

 

US$4 billion

Czech Republic2

€1.5 billion

(about US$2 billion)

TOTAL3:

 

Over US$430 billion


1 Conditional, Indonesia, Malaysia and Thailand will undertake the necessary domestic consultations to join this international effort, see http://www.imf.org/external/np/sec/pr/2012/pr12148.htm

2 Conditional, see http://www.cnb.cz/en/public/media_service/ press_releases_cnb/2012/20120126_pujcka_mmf.html

3 Including China, Russia, Brazil, India, and other countries.



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