- Norway to Possibly Provide U.S. $4.5 Billion to Strengthen IMF Financial Resources
- April 21, 2009
- Law Firm: Alston & Bird LLP - Atlanta Office
Today, the Managing Director of the IMF, Mr. Dominique Strauss-Kahn announced that the Norwegian Ministry of Finance and its central bank, Norges Bank were currently exploring a proposal to contribute “up to 30 billion Norwegian kroner (about US$4.5 billion) of financial resources to the IMF to ensure that the Fund is capable of meeting the borrowing needs of its member countries that might arise in the current crisis.”
Mr. Strauss-Kahn noted that, “Norway’s additional financial support to the IMF would contribute to strengthening the multilateral response to the economic crisis.” Last month the IMF entered into a $100 billion borrowing agreement with Japan “to bolster the Fund’s lendable resources during the current global economic and financial crisis.” Also earlier this month the European Union announced that it would provide the IMF a loan in the amount of U.S. $100 billion. Increasing its lendable resources and receiving like contributions from other member countries is one of the action items to be addressed at the upcoming G-20 summit.