China to disclose IMF contribution after more talks
Updated: 2012-04-21 05:30
By Ma Liyao (chinadaily.com.cn)
WASHINGTON - China, Brazil, Russia and India haven't yet finalized the level of their contributions to the International Monetary Fund, its managing director, Christine Lagarde, said Friday.
"There is a small group of very sizable countries that are participating, but whose identified number is not yet spelled out because they still have to go home, communicate back at home, and then consolidate," she said. "Those countries include the likes of Russia, India, China and Brazil."
A draft IMF statement cited by The Wall Street Journal said “China, Russia and other countries" have made pledges worth at least $72 billion.
The IMF announced Friday that it had secured pledges for over $430 billion in new funding from its members, nearly doubling its lending base amid an acute need posed by Europe’s ongoing debt crises. The fund began a joint spring meeting with the World Bank that continues this weekend.
Brazil’s Finance Minister Guido Mantega had said earlier that his country, along with Russia, India and China, would contribute fresh money to the fund but weren’t prepared to set an amount yet.
"We condition this help to (the IMF members’) completing the quota reform for us, the emerging markets, to have more representation. That is in the communique," The Wall Street Journal quoted Mantega as saying after a related meeting in Washington of finance and economy officials from the Group of 20 nations.
The $430 billion in commitments includes a combined $41 billion pledged Friday by the United Kingdom and Republic of Korea ($15 billion each), along with Australia ($7 billion) and Singapore ($4 billion).
"These commitments demonstrate these countries' continued effort for the fund and its entire membership in the spirit of multilateralism," Lagarde said of those pledges.