http://bigpondnews.com/articles/Finance/2012/04/22/Austs_contribution_to_IMF_sma...Aust's contribution to IMF small - Swan
Sunday, April 22, 2012 » 05:03pm
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Australia's $US7 billion ($A6.8 billion) contribution to the International Monetary Fund's (IMF) European bailout package will help stabilise any further deterioration in the region, says Treasurer Wayne Swan.
The IMF said on Friday it had raised more than $US430 billion in an effort to assure finance markets that it has sufficient firepower to handle any new problems from Europe's prolonged debt crisis.
Mr Swan said Australia's contribution was 'very small' compared with the total amount raised.
'Our commitment is proportionate to our representation on the IMF,' he told ABC Television on Sunday.
'Many other developed economies have made far larger commitments than the commitment that Australia made.'
Other countries contributing to the fund include Singapore ($US4 billion), South Korea ($US15 billion) and the United Kingdom ($US15 billion).
The IMF bailout fund will ensure 'far greater certainty in the global economic outlook', Mr Swan said.