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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: IMF 'waiting' for details from Japan on crisis funding AFP - Friday, November 14 WASHINGTON (AFP) - - The International Monetary Fund said Thursday it was expecting to hear from Japan details of a plan to shore up the IMF's resources amid the global financial crisis. "We understand that the Japanese authorities are considering some options to supplement the IMF resources. We are waiting to hear details of the proposal," IMF spokesman David Hawley said at a news conference. Hawley recalled that at the IMF annual meetings in October in Washington, Japanese Finance Minister Shoichi Nakagawa had called for an increase in IMF resources, and indicted his country was prepared to contribute funding. According to Japanese media reports Thursday, Japan is ready to lend up to about 100 billion dollars to the IMF to help boost loans to emerging countries hit hard by the financial crisis. Prime Minister Taro Aso will announce the plan at a summit of the Group of 20 leading economies beginning Friday in Washington, Jiji Press and other media said. Japan is reportedly willing to lend as much as approximately 10 percent of its 980-billion-dollar foreign exchange reserves to the IMF, which counts on Tokyo as its second-largest donor. There was no immediate official confirmation. Asked about the possibility of other countries pledging financial injections at the G20 summit, the IMF spokesman said that "the summit is an opportunity for the international community to signal its willingness to insure sufficient resources available to the fund." The IMF managing director, Dominique Strauss-Kahn, will participate in the summit, which will bring together the heads of state and government of the major industrialized and emerging economies. Hawley also said that several countries where in talks with the IMF to obtain loans from the 185-nation institution. Iceland, whose loan application has not yet been examined by the IMF executive board after being agreed on October 24, was among those countries. "We are discussing a number of issues, raised by potential creditors, including the process to determine Iceland's obligations with regard to foreign deposits taken by three interrupted banks," Hawley said. Iceland's once booming financial sector has collapsed amid the worldwide credit crunch, forcing the government last month to take control of major banks as its currency plummeted. With Pakistan, "the discussions are well-advanced." "There are still a few issues on which work is continuing in order to reach understanding," he said. In Belarus, an IMF mission currently is in Minsk "to discuss of a possible Fund-supported program," he said. 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 Mayors, governors prod Congress for financial helpAP - 2 hours 35 minutes ago In bad economy, boat owners abandon their vesselsAP - Friday, November 14 Ferre house owner posts 9-mth loss, sees sales dropReuters - Friday, November 14 IMF 'waiting' for details from Japan on crisis fundingAFP - Friday, November 14 Related Articles: Business Japan to offer up to $100B for IMF bailout fundAP - 1 hour 1 minute ago AMD makeover moves show limited choices in slumpAP - 1 hour 8 minutes ago UPDATE 1-SingTel gets S$1.075 bln in bank financingReuters - 1 hour 13 minutes ago RPT-Nintendo says sold over 800,000 Wii in U.S. in OctReuters - 1 hour 15 minutes ago US Steel lays off 675 workers in US, CanadaAP - 1 hour 37 minutes ago Enlarge Photo IMF 'waiting' for details from Japan on crisis funding Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Oil price dives under 55 dollars per barrel in London Earth would be heading to a freeze without CO2 emissions View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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