G-20 Meeting

G-20 Raises $500 Billion of IMF's Capital

VIVAnews - G-20 countries agreed to raise US$500 billion of the International Monetary Fund (IMF)'s capacity.

"At the present time, [IMF]'s capacity is US$250 billion," said the Finance Minister Sri Mulyani Indrawati on Monday, March 16.

Sri Mulyani represented Indonesia in the meeting of finance ministers from the G-20 countries in London, U.K., on last Friday till Sunday.

The G-20 includes countries whose economic volume covers 85 percent of the world economy. Indonesia is the only Southeast Asia's representative.

She said that the G-20 countries agreed to raise funding for multilateral agencies, such as IMF, World Bank, ADB, and others. The goal of this action is to help these agencies handling the difficulties experienced by many countries which are caused by the global economic crisis.

G-20 forum has agreed to add US$500 billion of IMF's capacity from the previous US$250 billion. The additional fund is given to handle the problems in the Eastern Europe countries. "There are many countries facing the effect of this global crisis," she said.

The first country which stated its commitment to add IMF capital was Japan which was valuing US$100 billion. Later, European Union (EU) also agreed adding the capital for US$200 billion. The same expectation is directed to China that posses high value of foreign exchange reserve.

Jokowi Yakin Indonesia Bisa Dapat 61 Persen Saham Freeport Indonesia, Meski Alot Negosiasinya

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Translated by: Ariyantri E. Tarman

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29 Maret 2024