IMF Managing Director Christine Lagarde Welcomes Additional Pledges to Increase IMF Resources, Bringing Total Commitments to US$456 Billion

Press Release No. 12/231
June 19, 2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement in Los Cabos, Mexico during the G-20 Leaders’ Summit:

“A number of IMF member countries have 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 (see Press Release No. 12/147). 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.

“With announcements by an additional 12 countries, a total of 37 IMF member countries, representing about three-fifths of total quota in the organization, have joined this collective effort, demonstrating 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 defense 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.”

For details of publicly announced commitments, see table below.

Useful links:

Press Release No. 12/147: IMF Managing Director Christine Lagarde Welcomes Pledges by Members to Increase Fund Resources by Over US$430 billion

Press Release No.12/229: IMF Executive Board Approves Modalities for Bilateral Borrowing to Boost IMF Resources



Member country Pledge/currency (billions)1 Pledge in US$ billions

Australia

US$7 7.0

Austria

EUR 6.13 8.1

Belgium

EUR 9.99 13.2

Brazil*

US$10 10.0

China*

US$43 43.0

Colombia*

US$1.5 1.5

Cyprus

EUR 0.48 0.6

Czech Republic2

EUR 1.5 2.0

Denmark

EUR 5.3 7.0

Finland

EUR 3.76 5.0

France

EUR 31.4 41.4

Germany

EUR 41.5 54.7

India*

US$10 10.0

Italy

EUR 23.48 31.0

Japan

US$60 60.0

Korea

US$15 15.0

Luxembourg

EUR 2.06 2.7

Malaysia*

US$1 1.0

Malta

EUR 0.26 0.3

Mexico*

US$10 10.0

Netherlands

EUR 13.61 18.0

New Zealand*

US$1 1.0

Norway

SDR 6.0 9.3

Philippines*

US$1 1.0

Poland

EUR 6.27 8.3

Russia*

US$10 10.0

Saudi Arabia

US$15 15.0

Singapore

US$4 4.0

Slovak Republic

EUR 1.56 2.1

Slovenia

EUR 0.91 1.2

South Africa*

US$2 2.0

Spain

EUR 14.86 19.6

Sweden

At least US$10.0 10.0

Switzerland

US$10 10.0

Thailand*

US$1 1.0

Turkey*

US$5 5.0

United Kingdom

US$15 15.0

TOTAL

  US$455.9

Memorandum items

   

Euro Area

EUR 150 197.9

Non-Euro Area EU

  42.2

Non-EU members

  215.8

1 Based on EU Finance Ministers statement on IMF resources on December 19, 2011 and IMF Press Release No. 12/147, using exchange rates as of April 20, 2012.

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

*Countries that pledged at the G-20 Summit in Los Cabos



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