Japan to offer IMF up to $100b from forex reserves
Friday, 14 November 2008
TOKYO, Nov 13 (Reuters): Japan is ready to offer up to $100 billion to the International Monetary Fund to assist emerging economies, a Japanese government source said on Thursday, ahead of a global summit on the financial crisis this week.
Prime Minister Taro Aso will make the proposal when leaders of the Group of 20 industrialized and emerging nations meet in Washington on Friday and Saturday, the source said.
Tokyo has previously said it was ready to tap its foreign reserves if the IMF needed more money to help countries facing financial meltdown but Aso's new proposal is more specific.
With growth faltering in many big developed countries, continued growth in emerging markets is seen by analysts as key to pulling the world out of the crisis.
Prime Minister Taro Aso will make the proposal when leaders of the Group of 20 industrialized and emerging nations meet in Washington on Friday and Saturday, the source said.
Tokyo has previously said it was ready to tap its foreign reserves if the IMF needed more money to help countries facing financial meltdown but Aso's new proposal is more specific.
With growth faltering in many big developed countries, continued growth in emerging markets is seen by analysts as key to pulling the world out of the crisis.