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Sweden pledges $10bn to IMF bailout fund

Sweden pledges $10bn to IMF bailout fund

Published: 18 Apr 2012 09:19 GMT+02:00
Updated: 18 Apr 2012 09:19 GMT+02:00

Sweden, Norway and Denmark pledged $26 billion to the new IMF crisis funding Tuesday, taking the total raised so far to $286 billion, Fund managing director Christine Lagarde announced.

Their support to the planned $400 billion fund-raising exercise "clearly demonstrates these countries' enduring commitment to multilateralism," Lagarde said in a statement.

"Ensuring that the Fund has sufficient resources to tackle crises and to promote global economic stability is in the interests of all our members," she said.

In a Frankfurt Allgemeine Zeitung interview published earlier Tuesday, Lagarde revealed that the International Monetary Fund is seeking some $400 billion for expanding its crisis intervention "firepower".

That was sharply lower than the original target of $500 billion. Last week Lagarde said the Fund was lowering its target, citing a slight easing of tensions in the global and eurozone financial system.

In the newest pledges, Denmark was promising about $7 billion, Norway $9.3 billion, and Sweden $10 billion.

Their contributions follow a $60 billion commitment from Japan and $200 billion from the euro area.

The IMF is hoping to firm up commitments, especially from the big emerging economies like China, Russia, Brazil and India, at the Fund's Spring meetings held at the end of this week in Washington.

But the Fund's largest shareholder, the United States, is not expected to contribute.

AFP/The Local

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Your comments about this article

10:35 April 18, 2012 by Abe L
Bad idea, we shouldn't be paying this much money to keep other country's economies alive while Sweden's own economy is barely growing. Those $10bn could have made a big difference in Sweden. It won't actual help the countries the money goes to, it just postpones the inevitable while at the same time wasting precious Swedish tax-money. Sweden would be better off preparing and protecting itself against the pre mentioned emerging economies.
12:58 April 18, 2012 by kristianj
Once again my hard earned money being spent without my consent. Amazing how those polititians love to write checks on my behalf.
13:50 April 18, 2012 by Mb 65
Why,Why,Why. They could have dropped the taxes to help the unemployed get back to work. I think this government is on it's way out now.
18:50 April 18, 2012 by mkdh
i think all this money will go to usa ,its clear that every time usa have short for money,,,makes europe pay the price for america, poor europe.
20:24 April 18, 2012 by Vill
This is why I strongly believe in the ownership of gold. Nations around the world have their money printers on high speed to bail out other nations who are incapable of successfully running something as simple as a lemonade stand. Eventually, the world's currencies will be worth just enough to use as clean up material after using the crapper.
23:48 April 18, 2012 by Larry Thrash
More parties in Monte Carlo and cocktail parties for all IMF officials. Nice. Does Christine Lagarde get a commission on this $10,000,000,000.00? Any kickbacks, bribes? I don't trust nations that through working people's money around like this. Very disturbing. This is $1,100.00 from every man, woman, and child in Sweden.
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