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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan signs pact lending 100 billions dlrs to IMF AFP - Saturday, February 14 ROME (AFP) - - Japan signed an agreement Friday on terms of its commitment to lend up to 100 billion dollars to the International Monetary Fund to provide financial lifelines to crisis-hit emerging countries. ADVERTISEMENT The agreement was signed 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. "This 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. "This loan is the biggest loan in the history of mankind," he said, signing alongside Japanese Finance Minister Shoichi Nakagawa. Strauss-Kahn said: "This 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. The IMF has awarded aid to several countries including Ukraine and Hungary. "Owing to the bad figures we have on the economic side, I'm expecting a second wave of countries coming and knocking on the door," he said. Japanese Prime Minister Taro Aso had announced in November last year that Japan was prepared to provide supplemental funding to the IMF to help contain the current global crisis. At almost 980 billion dollars, Japan has the second largest foreign exchange reserves in the world after China. Tokyo is the second-largest donor after Washington to many global institutions, including the IMF. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China's Sanyuan to bid for bankrupt milk group assetsReuters - 1 hour 15 minutes ago Senate passes $787 billion stimulus, sends to ObamaReuters - Saturday, February 14 Property firm Franshion plans $349 mln rights issueReuters - Saturday, February 14 G7 finance ministers' crisis talksAFP - Saturday, February 14 Related Articles: Business Indonesia's Niaga says not as badly hit as other banksReuters - 47 minutes ago Russia budget gap to be less than UK's -KudrinReuters - 52 minutes ago China's Sanyuan to bid for bankrupt milk group assetsReuters - 1 hour 15 minutes ago Rio Tinto stakeholder wary about Chinalco deal-WSJReuters - 2 hours 20 minutes ago Congress sends $787 billion stimulus to ObamaReuters - Saturday, February 14 Enlarge Photo Japan signs pact lending 100 billions dlrs to IMF Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Family income linked to child language skills: study Dozens feared dead in US plane crash US scientists defend Darwin from attacks on evolution Merrill bonuses made 696 millionaires: probe Economic crisis picture wins World Press Photo award View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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