UK Pays Another GBP10bn To IMF Bailout
Published / Last Updated on 22/04/2012
UK Pays Another £10bn To IMF Bailout.
The IMF has received firm commitments of more than $430bn. The money is to help economies in trouble and includes just under £10bn ($15bn) from the UK.
According to the Chancellor George Osborne, the loan was important to the UK - he stated that it is in Britain's interest that we have a stable and strong world economy - that creates jobs in Britain. But this latest pledge is unpopular with some members of Mr Osborne's Conservative Party, who had been urging him not to sign up to an increase.
The UK Treasury pointed out that no its contribution to the IMF is not public spending. All UK loans to the IMF are financed from the UK's Official Reserves, remain UK assets and do not contribute to public sector net debt.
The eurozone as a whole is contributing $200bn of the total and Japan is another major supplier of funds and is lending $60bn