Press Release No. 08/284

Press Release No. 08/284

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), made the following statement today:

"I welcome Prime Minister Aso's announcement that Japan is prepared to lend up to US$100 billion to the International Monetary Fund (IMF). This is a major contribution to maintaining the stability of financial and capital markets, and clearly demonstrates Japan's leadership and strong commitment to multilateralism.

"Japan's action during this period of unprecedented stress for the global financial system will serve to increase confidence that the IMF's resources will be sufficient to meet the financing needs of its 185 member countries—particularly our emerging market members—should they need to turn to the Fund for support. This signal that the international community stands ready to provide strong backing to emerging markets will strengthen their resiliency against financial market turmoil.

"Japan has a proud record of helping others, and of supporting the IMF in its core mission of promoting international financial stability. Japan's past financial support includes cofinancing Fund programs to middle-income countries hit by crises, and grants which make it possible for the IMF to provide concessional support and technical assistance to low-income countries. We hope that other countries may now provide their own support to our efforts to restore stability to the global economy."