Japan pledges 60 billion US dollars in loans to the International Monetary Fund
Tuesday 17 April 2012
Japan pledged 60 billion US dollars in loans to the International Monetary Fund today in an effort to ensure that the debt crisis in some European economies will not spread.
Japanese finance minister Jun Azumi announced the emergency loan, which will use the nation's foreign exchange reserves, his ministry said.
IMF Managing Director Christine Lagarde welcomed the move and encouraged other fund members to do the same.
“This is an important step forward in the ongoing international effort to strengthen the adequacy of the global resources available to prevent and fight crises and to promote global economic stability,” Ms Lagarde said in a statement.
IMF lending is expected to be on the agenda when finance chiefs from the Group of 20 leading economies meet in Washington later this week.
Greece, Ireland and Portugal had to seek bailouts after their borrowing costs rocketed and there are concerns Spain might be next.
Spain has the fourth-largest economy among the 17 nations that use the euro and is widely considered too expensive to rescue.
The yield on Spain's benchmark 10-year government bond jumped above 6% yesterday for the first time since November. Rising yields are a sign that investors are less confident in the country's finances.
“We can never be optimistic about the situation in Europe, even though the area is almost set to exit the crisis, thanks to policy efforts,” Mr Azumi was quoted by Kyodo as saying.
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 Florida couple forced to register as sex offenders for having sex on public beach
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
Florida couple forced to register as sex offenders for having sex on public beach
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Jason Derulo falling over in epic fashion, the event's most talked about moment, wasn't what it seemed
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...