22 Apr 2012

Additional funds pledged to IMF

1:07 pm on 22 April 2012

The International Monetary Fund says it has received firm commitments of $US430 billion to help economies in trouble.

The money doubles amount available to the fund, which threatened to become overwhelmed by the eurozone crisis.

Australia will contribute $US7 billion, Singapore $US4 billion and the Republic of Korea $US15 billion. Britain has offered almost £10 billion and Japan $US60 billion.

The eurozone as a whole is contributing $US200 billion.

IMF managing director Christine Lagarde said on Friday she was pleased with contributions so far which will bolster the fund's lending capacity.

The BBC reports that committing the extra money does not mean it will actually need to be loaned.

Ms Lagarde said that some countries including Russia, India, China and Brazil had made private pledges, but did not want to go public yet.

Brazil wants to have a bigger say in running the IMF.