Russia could lend $20 bn for IMF eurozone rescue: official

15th December 2011, Comments 0 comments

Russia is willing to pump up to $20 billion (15.4 billion euros) through the IMF into rescue funding for indebted eurozone countries, an adviser to President Dmitry Medvedev said on Thursday.

Arkady Dvorkovich, economic adviser to Medvedev who is in Brussels for a summit with European Union leaders, said that $10 billion due to be returned from the IMF next year would remain with the IMF for special eurozone aid as soon as the Fund asked.

"Ten billion dollars is the minimum commitment, " Arkady Dvorkovich told journalists after Medvedev talked with EU leaders about their plans to fight the debt crisis over dinner on Wednesday night.

"We are ready to contribute our portion of financial assistance... when the IMF tell us it's time."

He said Moscow's help would be "not less" but added that "we are ready to consider giving another 10 billion dollars on top of that."

The first sum is due to be returned to Moscow by the IMF next year, but Dvorkovich says that can be re-directed "today" if arrangements are concluded with the Washington-based global lender of last resort.

More, though, would depend on "the size of the gap" in European efforts to raise overall rescue funding to a targeted one trillion euros.

"What we need to do is make markets believe," he said, adding that Brazil, China, India and South Africa, the other so-called BRICS emerging giants, "will not object" to the IMF channelling money to the European Financial Stability Facility (EFSF).

© 2011 AFP

0 Comments To This Article