• Norway edition

Norway pledges billions to IMF crisis fund

Published: 18 Apr 2012 09:38 GMT+02:00 | Print version
Updated: 18 Apr 2012 09:38 GMT+02:00

Norway joined Sweden and Denmark on Tuesday as the Nordic neighbours pledged $26 billion to the new IMF crisis funding Tuesday, taking the total raised so far to $286 billion, Fund managing director Christine Lagarde announced.

Their support to the planned $400 billion fund-raising exercise "clearly demonstrates these countries' enduring commitment to multilateralism," Lagarde said in a statement.

"Ensuring that the Fund has sufficient resources to tackle crises and to promote global economic stability is in the interests of all our members," she said.

In a Frankfurt Allgemeine Zeitung interview published earlier Tuesday, Lagarde revealed that the International Monetary Fund is seeking some $400 billion for expanding its crisis intervention "firepower".

That was sharply lower than the original target of $500 billion. Last week Lagarde said the Fund was lowering its target, citing a slight easing of tensions in the global and eurozone financial system.

In the newest pledges, Denmark was promising about $7 billion, Norway $9.3 billion, and Sweden, $10 billion.

Their contributions follow a $60 billion commitment from Japan and $200 billion from the euro area.

The IMF is hoping to firm up commitments, especially from the big emerging economies like China, Russia, Brazil and India, at the Fund's Spring meetings held at the end of this week in Washington.

But the Fund's largest shareholder, the United States, is not expected to contribute.

AFP (news@thelocal.no)

What do you think? Leave your comment below.

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)

Jobs in Norway

Hundreds of great job opportunities for foreign professionals at Norway's top employers - in cooperation with Monster and Experteer.
Choose location
Choose category
235 Jobs available
1 2 3 4 5    »    »»
Senior Engineer HVAC
Location: Trondheim
added on 22/05 by
Senior Process Engineer
Location: Trondheim
added on 22/05 by
Senior Subsea Engineers
Location: Ă…gotnes
added on 22/05 by
Scrum Manager
Location: Sandnes
added on 21/05 by
Subsea Installation Engineers
Location: Stavanger
added on 21/05 by
Senior Corrosion Engineer
Location: Stavanger
added on 20/05 by
Senior Engineer - Welding and Materials
Location: Stavanger
added on 20/05 by
Project Accountant
Location: Stavanger
added on 20/05 by
Senior Project Manager
Location: Asker
added on 20/05 by
Sales & Marketing Programme Manager
Location: Norge
added on 20/05 by
Vice President EUR/ACIS
Location: Bergen
added on 20/05 by
Engagement Manager
Location: Oslo
added on 20/05 by
Cartographer / GIS Specialist
Location: Oslo
added on 19/05 by
Senior Consultant
Location: Oslo
added on 19/05 by
Account Manager
Location: Oslo
added on 18/05 by
QA Lead
Location: Oslo
added on 17/05 by
Communications Manager
Location: Sandvika
added on 17/05 by
Lead Technical Assurance Engineer
Location: Sandvika
added on 17/05 by
Operations Engineer - Offshore Operations
Location: Stavanger
added on 17/05 by
1 2 3 4 5    »    »»
Highlights
Latest news from The Local in Sweden

More news from Sweden at thelocal.se

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in France

More news from France at thelocal.fr

Democracy, Human Rights and the Rule of Law in Europe: Strengthening the Impact of the Council of Europe’s Activities (Thu, 16 May)
- We meet at a very important moment. As we here from the Secretary General the founding principles of this organisation, democracy, human rights and the rule of law are again under pressure in Europa. We have to take that very seriously, said Minister of Foreign Affairs, Espen Barth Eide, in his statement at the Council of Europe's meeting.

The Niwano Peace Prize to Gunnar StĂĄlsett (Thu, 16 May)
Ambassador Arne Walther gave this message on behalf of Minister of Foreign Affairs, Mr. Espen Barth Eide, at the award ceremony.

National statement by Norway’s Minister of Foreign Affairs Espen Barth Eide (Wed, 15 May)
"The great interest that that non-Arctic states are taking in the coming observership is a tribute to the good work we have done together. I think it is very important to welcome the new observers and to appreciate their interest to working with us on the basis of the principles that we have agreed to”, Foreign Minister Espen Barth Eide said at the Arctic Council Ministerial meeting in Kiruna, ...

Arctic Council welcomes new observers (Wed, 15 May)
“I am pleased that six new countries and the EU have been granted observer status in the Arctic Council. This confirms the Arctic Council’s key position as an international forum for discussing Arctic issues,” said Minister of Foreign Affairs Espen Barth Eide, who is taking part in the Kiruna Ministerial Meeting.