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IMF receives $100 billion loans for the first time in its history

14 February 2009 09:22 (UTC +04:00)

Baku. Vahab Rzayevâ€“APA-Economics. Japan signed an agreement on terms of its commitment to lend up to $100 billion to the International Monetary Fund (IMF) to provide financial lifelines to crisis-hit emerging countries, APA-Economics reports.
The agreement was signed on Friday in Rome on the sidelines of a Group of Seven finance leaders’ meeting largely aimed at addressing global financial turmoil that has led to a sharp economic slowdown.
â€œThis loan is important not only for the IMF but also for all countries in need of help because of the crisis,’’ IMF managing director Dominique Strauss-Kahn told reporters at the signing in Rome. â€œThis loan is the biggest loan in the history of mankind,’’ he said, signing alongside Japanese Finance Minister Shoichi Nakagawa.
Strauss-Kahn said: â€œThis commitment is the single-largest supplemental financing contribution by an IMF member country ever, and it clearly demonstrates Japan’s leadership and continuing commitment to a multilateral approach to global economic and financial challenges.’’
Strauss-Kahn said he hoped other countries would join Japan in providing support to the 185-nation institution. He told reporters after the signing that the fund had enough money at present but in the future he hoped to double its funds as more countries would need its help in the economic crisis.