IMF gets the additional resources

04/23/2012 0:00

approached the International Monetary Fund to achieve its goal of increasing its resources by at least $ 400 billion, even though it has not been decided once and next Friday in Washington, where he will meet finance ministers from the Group of Twenty. The Director-General of the Fund Christine Lagarde told a news conference at the opening of the semi-annual Assembly of the Fund in Washington, “We are waiting to be from the results of these meetings, a significant increase in our strike.” She added, “I know that to some extent subject today.” It is scheduled to discuss the finance ministers of major countries and emerging in the Group of Twenty this Friday after a working dinner on Thursday evening. Lagarde plans to get a specific number, which calls on all indicators to the belief that it will be able to achieve after recent promises announced by several countries before the start of the spring meetings in Washington. The exception is interesting is the position of the United States, the first contributor to the fund, which has refused categorically to provide any other additional amount. Position has forced Washington to this intransigent Lagarde to reduce the initial ambitions after it was estimated last January the needs of the Fund by about $ 600 billion. Lagarde said “Today, less risk,” even though Europe “did not come out completely from the crisis yet.” Director French was considered that these amounts would be useful in addressing the problems of the global economy, including the “unemployment rate is chronically high in many parts of the world” and “slow growth” or also “likely to rise in oil prices.” Director of the Fund did not include the name of Spain in its list of countries that continue to be a “dark shadow” on the global economy despite the fact that the financial situation of this country is still of concern to the international financial community. But Lagarde said, “The Fund will be present to help all its members if the need arises,” but “there is no need of this kind at the present time.” And Thursday, closed on the Madrid Stock Exchange registered a significant decline with the lowest level in three years is evidence of the continuing skepticism of investors in the Spanish program budget. During the day, issuing treasury bonds to attract many investors, though the government may be forced to raise interest rates slightly, although remaining lower than 6 percent, over a long period of ten years. And is currently the IMF’s capacity to grant loans, the amount of 382 billion dollars according to the latest weekly report on its resources. Lagarde and you want to start a European-backed $ 400 billion, at least this amount to the total. It has become possibly can to ensure access to about 320 billion thanks to Japan pledged to provide 60 billion and three Scandinavian countries (Sweden, Norway, Denmark) is a little more than 26 billion and Poland, with 8 billion and finally Switzerland and other countries did not specify about $ 26 billion. And add new contributions to these states’ contributions to the euro area, which has promised to provide 150 billion euros (about $ 200 billion) last January.After its commitment to establish a mechanism to cope with crises at 800 billion euros, Europe sees it fulfilled its share in the contract and is now waiting from other countries initiatives. And Friday, Minister of Finance of Japan that it was “very likely” that the IMF be successful in collecting the $ 400 billion, which hopes which its director. Izumi said John in an interview with Japanese public television network said. H. From Washington to “very likely to be able to access to the amount of close to 400 billion sought. That will reassure the global economy and to achieve stability.” However, China and other emerging countries such as Brazil did not announce its position after. But the European Commissioner for Economic Affairs Olli Rehn said Thursday in an interview with Bloomberg TV. In “I am convinced that China will not miss the table” when you increase the resources of the Fund. However, a European source asked “Do you give this set a week or in Mexico” in June during the next Summit of Heads of Group of Twenty, adding “It is not clear.” Lagarde has expressed “its readiness to leave the issue open for a few weeks because of some countries need time to obtain the approval of” parliaments.