Cabinet backs IMF loan for developing countries
The Swiss government says it is ready to contribute SFr850 million ($745 million) to the International Monetary Fund (IMF) to finance credits for developing countries.
Parliament must now decide on whether to approve the loan, which was requested by the IMF.
The IMF intends to provide developing countries, also affected by the economic crisis, with adequate support.
The fund’s decision to increase its loan fund by $13.5 billion over the next five years should allow the promotion of sustainable macroeconomic conditions in the recipient countries.
It requested bilateral loan contributions from donor countries, including Switzerland. Switzerland’s SFr850 million contribution corresponds to a share of about five per cent.
If Switzerland agrees, it would be signalling its willingness to do its part to share the international burden, the federal finance ministry said in a news release on Friday.
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