Osborne Announces UK Committing Further £10bn To IMF

23 April 2012 16:00 - Crage Campbell

    



Osborne Announces UK Committing Further £10bn To IMF

George Osborne announced that Britain is to commit another £10 billion to the International Monetary Fund. He has come under increasing pressure from critics as they have argued that Osborne is putting pressure on taxpayers for more bailouts of the struggling Eurozone. In the past Parliament had approved around £40 billion in support for the IMF, of which £30 billion has already been committed. Alongside the UK’s increase, Japan is to contribute an extra $60 billion dollars, South Korea is to give $15 billion and Switzerland and Australia are to give $7 billion. However, Canada and the US have refused to add any more.

“The UK sees itself as part of the solution to the challenges facing the global economy, not part of the problem. We are helping to solve the global debt problem rather than adding to ii. He added, “Jobs and growth in Britain depend on stable world economy. That needs a strong IMF. And because we have taken strong action to rescue our own economy, we can be one of the many countries that can support the IMF, instead of being bailed out by the IMF.”

Christine Lagarde, IMF managing director has said, “We warmly welcome pledges by our members to increase IMF resources by over $430bn, almost doubling our lending capacity.”

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Related Links :
International Monetary Fund - IMF members pledge over $430 billion
HM Treasury - Official website

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