Switzerland may contribute more to the IMF

A House of Representatives committee has come out in favour of Switzerland participating in rescue measures of the International Monetary Fund (IMF).

This content was published on January 11, 2011 minutes and agencies

This finding, announced on Tuesday, endorses the views of the Swiss cabinet and Senate.

The House’s foreign affairs committee voted 14 to 9 with one abstention in favour of Switzerland supporting the revised New Arrangements to Borrow (NAB) scheme.

The aim is to help the IMF cope better with countries which run into  problems on the financial markets.

According to the committee’s president, Switzerland has a significant interest in a stable international monetary system.

If the House follows the committee’s recommendation, Switzerland will increase its contribution from SFr2.5 billion ($2.56 billion) to about SFr18 billion. The NAB itself is to grow from $50 billion to $540 billion.

The House will decide on the issue during its March session.

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