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China has announced to contribute 43 billion U.S. dollars to the International Monetary Fund, the IMF. The money will be put into the fund’s crisis-fighting reserves.
The announcement was made at the G20 summit taking place in Mexico, and is part of a pledge by G20 countries in April to supply the IMF with extra firepower to shore up the global financial system.
|President Hu Jintao joins world leaders at the G20 meeting in Los Cabos, |
Mexico, on Monday. The European debt crisis topped the summit's agenda.
China is joining other countries in the global push which aims to nearly double the IMF’s war chest to 456 billion US dollars to help protect countries from the fallout from the eurozone debt crisis. Emerging markets are also demanding reforms in the IMF to give the developing world more power within the global lender.
Other BRICS countries, including Brazil, Russia, India and South Africa, said they also agreed to enhance their contributions to the IMF but insisted the money would only be used after existing funds were exhausted.