Swiss to help increase IMF reserves

8th April 2009, Comments 0 comments

Finance Minister Merz says Switzerland will share the effort to triple IMF lending capacity.

GENEVA - Switzerland is ready to take part in a bid by major economies to boost the International Monetary Fund's reserves, Finance Minister Hans-Rudolf Merz said in a newspaper interview Sunday.

Leaders at a Group of 20 summit earlier in April agreed to triple the IMF's lending capacity to USD 750 billion (CHF 857 billion, EUR 556 billion).

Merz said Switzerland must share in the effort when the move is formally approved at the IMF and World Bank's spring meetings on 25 to 26 April.

"I estimate that Switzerland would be able to grant the IMF an additional credit limit of a maximum of USD 10 billion," he told the NZZ am Sonntag.

Merz said it would be "foolish and negligent" not to take part in the refinancing effort because of its influence on global economic stability.

The G20 also began efforts to stop international tax evasion at the summit, maintaining pressure on Switzerland and other financial centres to carry out pledges to ease banking secrecy.

AFP / Expatica

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