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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 head welcomes Japanese cash offer AFP - Saturday, November 15 WASHINGTON, (AFP) - - The head of the International Monetary Fund, Dominique Strauss-Kahn, welcomed an offer by Japan to contribute up to 100 billion dollars to the institution's coffers. He said the move would help to increase confidence in the IMF's ability to provide emergency loans, particularly to emerging countries, as the global financial crisis bites. Japanese Prime Minister Taro Aso announced the offer in Tokyo ahead of a financial crisis summit of major industrialized and emerging nations in Washington which began Friday. "I welcome Prime Minister Aso's announcement that Japan is prepared to lend up to 100 billion dollars to the International Monetary Fund," Strauss-Kahn said in a statement. "This is a major contribution to maintaining the stability of financial and capital markets, and clearly demonstrates Japan's leadership and strong commitment to multilateralism." At almost 980 billion dollars, Japan has the second largest foreign exchange reserves in the world after China, as a result of years of market intervention to keep the yen down against the dollar and help exporters stay competitive. "Japan's action during this period of unprecedented stress for the global financial system will serve to increase confidence that the IMF's resources will be sufficient to meet the financing needs of its 185 member countries -- particularly our emerging market members -- should they need to turn to the Fund for support," Strauss-Kahn said. Some analysts have suggested the IMF would have insufficient resources to rescue large partners in the emerging world, such as Poland or Turkey, if they required help. It has already announced loans for Hungary and Ukraine. The IMF is a lender of last resort to countries that need cash. 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 G20 to agree to reform roadmap, stimulus effortsAFP - 28 minutes ago College sports try to fend off blitz from economyAP - 2 hours 45 minutes ago IMF head welcomes Japanese cash offerAFP - Saturday, November 15 Taiwan's Hon Hai denies cash problems, says has $4.5 blnReuters - Saturday, November 15 Related Articles: Business G20 to agree to reform roadmap, stimulus effortsAFP - 28 minutes ago Taiwan's fiscal deficit to widen on econ-boosting movesReuters - 57 minutes ago Malaysia to ease race-based ownership rule again-paperReuters - 2 hours 9 minutes ago 110 banks have asked for $170B under bailout planAP - 2 hours 18 minutes ago S.Korea agrees to guarantee banks' foreign loansReuters - 2 hours 27 minutes ago Enlarge Photo IMF head welcomes Japanese cash offer 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 Bin Laden is isolated, focused on his own security: CIA Earth would be heading to a freeze without CO2 emissions Britney Spears's son hospitalized: statement China mulls crackdown on lip-synching View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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