Aso to propose doubling of IMF funds

[FarCenter]

The Yomiuri Shimbun - http://www.yomiuri.co.jp/dy/business/20081114TDY01305.htm

Prime Minister Taro Aso will propose at an upcoming Group of 20 summit the doubling of the current 340 billion dollars provided to the International Monetary Fund, to help strengthen the IMF's capacity for addressing financial crises, government sources said.

He also will propose at the financial summit, being held in Washington on Friday and Saturday, giving a bigger voice to emerging economies at the fund.

With a view to strengthening IMF functions, the prime minister will call for raising the contribution ratio of emerging economies so that global institutions such as the IMF and World Bank will no longer be controlled by the United States and European countries.

Aso also will argue the need to write off nonperforming loans from financial institutions and call for integrated efforts between financial and industrial sectors, including on reducing borrowers' debt.

In addition, Aso will pledge that Japan provide up to 100 billion dollars to the IMF from the nation's foreign reserves as part of its efforts to tackle the ongoing financial crisis.

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