Bloomberg News

EU Says Confident That 200 Billion-Euro Target for IMF to Be Met

December 20, 2011

Dec. 20 (Bloomberg) -- The European Union said it is confident that the 200 billion-euro ($261 billion) target in added funding for the International Monetary Fund will be met.

“We are on the right track,” Olivier Bailly, spokesman for the EU, told reporters in Brussels today. “The euro-area member states delivered yesterday on their commitment and we still have some work to do to meet the 200 billion target in the coming weeks.”

“There was a clear understanding that out of this 200 billion contribution there was a first need to have a strong contribution of 150 billion euros from the euro-area member states, and this was achieved yesterday,” Bailly said.

“The discussion yesterday was not completely finalized,” he said. “The United Kingdom decided to consider its possible future contribution in the G-20 context.”

The euro-area finance ministers “put together a contribution of 150 billion euros that will be put forward by the national central banks of these member states using part of their reserves in order to reinforce the IMF contribution to support the euro-area financial stability,” Bailly said.

--Editor: Jones Hayden

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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