Merz moots $10 billion for the IMF
Switzerland must contribute to the planned strengthening of the International Monetary Fund (IMF), says Swiss Finance Minister Hans-Rudolf Merz.
Merz told a Sunday newspaper that Switzerland could afford a loan of $10 billion (SFr10.88 billion), provided by the Swiss National Bank and guaranteed by the government.
Last week's G20 summit in London – at which Switzerland was not present – strengthened the IMF's ability to respond to financial crises by giving it up to $750 billion (SFr850 billion) in additional loan resources it can use to help countries whose finances have been devastated by the world financial crunch. This is an increase of $500 billion.
"It would be foolhardy and negligent if Switzerland didn't take part in this funding," Merz said, pointing out that an export country such as Switzerland needed the stability of an international financial system.
Switzerland has been a member of the IMF since 1992 but has never made a loan.
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