Statement by Australia, Singapore, Republic of Korea and the United Kingdom on IMF resourcing
JOINT MEDIA RELEASE
Singapore, 20 April 2012…… Australia, Singapore, Republic of Korea and the United Kingdom will make contributions to the International Monetary Fund (IMF) as part of a broad based global effort at the IMFC/G20 2012 Spring meetings to increase the precautionary resources of the IMF. This will be by way of contingent loans or note purchase agreements.
2 The IMF plays an essential role in supporting stability in the global economy, from which we all benefit. These resources will increase the lending capacity of the IMF and enable it to play its systemic role for the benefit of all members. Should these additional resources be used, they would support well designed IMF programs with appropriate conditionality and risk mitigating measures would apply.
3 Australia will contribute $7 billion, Singapore $4 billion, Republic of Korea $15 billion and the United Kingdom $15 billion.