Finance Minister Hans-Rudolf Merz said the deal was important to balance the Swiss franc which won ground against the euro and is threatening to damage the Swiss export industry.
Merz added that Switzerland’s contribution to the programme would be achieved through payments by the National Bank to the IMF.
“No taxpayers’ money will be used for the credits,” said Merz at a news conference on Wednesday following a regular cabinet meeting.
He said it was impossible to specify the exact amount that would be paid to the IMF.
However, expert estimates put the Swiss credit at to up to SFr17.9 billion ($16.1 billion).
Earlier this week European nations launched the biggest-ever financial bailout of a country. The entire rescue package is worth upwards of €750 billion.
Switzerland is not a member of the euro zone, but joined the IMF in 1992.
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Swiss stock market responds to euro deal
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The stock exchange closed just below 6482. The biggest gains were made by Swiss Re, up 10.1 per cent, and by the two major banks, UBS (up 9.27 per cent) and Credit Suisse (8.65 per cent). European markets as well as Wall Street surged after the rescue plan, worth upwards of €750 billion (SFr1.1 trillion),…
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SNB chairman Philipp Hildebrand made the comment on Tuesday evening as the franc surged to record highs against the euro despite the introduction of massive bailout measures for indebted Eurozone nations – primarily Greece. The SNB is reported to have made wholesale purchases of the euro worth tens of billions of francs in a bid…
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Six central banks, including the Swiss National Bank (SNB) also announced a concerted action to foster stability by easing access to US dollars for European lenders. Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Bank of Japan are also involved in the temporary dollar-swap plan,…
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