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IMF Finds $428.5 Billion In New Funding

BRUSSELS (UPI) — Finance leaders in Europe said so-called BRIC countries would increase contributions to the International Monetary Fund and have more say in IMF decisions.

After a meeting in Brussels led by Finance Minister Tharman Shanmugaratnam of Singapore, the IMF said “continued progress” was necessary to deal with Europe’s financial crisis and “secure financial stability.”

The money secured from developing nations during the weekend can be used to rescue eurozone countries burdened by debt as the continent appears headed toward a second recession, the EUobserver said Monday.

The IMF said it secured $428.5 billion in fresh funding for its general fund. The BRIC countries are the economically developing nations of Brazil, Russia, India and China. In return for the larger contributions, they expect more say in IMF decisions, the EUobserver said.

“Undertaking bold structural reforms will be crucial to boosting confidence and productivity, facilitating rebalancing within the monetary union, and promoting strong and balanced growth,” finance ministers said in a statement at the end of the meeting.

Finance Minister Guido Mantega noted the economy of Brazil would be third behind Germany and France if it were in Europe, but that Brazil had the voting power equivalent in the IMF of the Netherlands.

Britain said it would contribute $14.4 billion to the rescue fund, but only make the money available when the structural reforms were put in place.

“I take reforms one step at a time. Everybody wants to have a bigger share of the same pie, so there will have to be give and take,” said IMF Director Christine Lagarde.

The United States and Canada have not agree to increase their contributions to the IMF.

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  • http://www.facebook.com/profile.php?id=100003405939122 Ican

    You are absolutely corcert about BHO. His being out of this office cannot happen soon enough. Every day is a nail in the coffin of the USA. As to losing our sovereignty, it’s more than the IMF or the World Court and whether we willingly participate or not. One country alone can bring us down. No, I take that back, one person, Prince Abdullah, the leader of the the most radical Wahabbi sect of Islam and of Saudi Arabia, can turn off the crude oil spigot tomorrow and WE ARE DONE!From the moment we lost control of our energy supply, we’ve been an imminent and potential hostage of blackmail. Now we are captives of the energy producers, we are captives of the UN, we are captives of the World Court (Bush cannot travel to Spain where he’d be arrested as a war criminal), and on and on, our representatives in Congress cede power to the Executive branch every day, Libya for example.If we don’t bring ourselves down buried under a mountain of debt it’s just a matter of time until Islam pulls the plug and America comes to a screeching halt.

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