China increases financial support to IMFJune 19th, 2012 - 3:44 pm ICT by IANS
Beijing, June 19 (IANS) China will contribute $43 billion to the latest round of global resources worth $430 billion to the International Monetary Fund (IMF), the foreign ministry has said.
This was disclosed by the ministry at the G20 summit in Mexico’s Los Cabos resort, the China Daily reported Tuesday.
Analysts said the increase — along with commitments made by other G20 members — will enhance the IMF’s crisis-tackling ability, and increase the voice of the emerging economies in the global financial institution.
G20 finance chiefs agreed in April to increase the financial power of the IMF by over $430 billion in a bid to meet future financing demands from members affected by economic crisis.
Zhu Guangyao, vice finance minister, said the final IMF fund would not be “earmarked for any special region”, and that Beijing “supports a strong and prosperous euro and a unified eurozone”.
Xiong Hou, from the Institute of European Studies of the Chinese Academy of Social Sciences, said that one of the IMF’s principles is that “the more you contribute, the more rights and interests you share”.
China’s increase in its investment will beef up its say in the financial organisation, he said.
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Tags: academy of social sciences, beijing, china daily, chinese academy of social sciences, commitments, economic crisis, emerging economies, eurozone, finance chiefs, finance minister, foreign ministry, g20 summit, global financial institution, global resources, hou, international monetary fund, international monetary fund imf, los cabos, mexico