Japan pledges extra $60bn in new bailout loans to the IMF

City A.M. Reporter
JAPANESE finance minister Jun Azumi yesterday announced that Japan would provide $60bn (£37bn) in loans to the International Monetary Fund (IMF) amid renewed concerns about Europe’s debt woes, a move that it hopes will encourage other countries to contribute.

Finance ministers from the G20 group of major economies will meet this week in Washington to discuss a plan to raise new resources for the IMF to contain the Eurozone’s sovereign debt crisis.

“I am confident that many other countries will pledge contributions to the IMF,” Azumi told a news conference after a cabinet meeting.