CHINA has offered US$43 billion to the IMF's crisis-fighting reserves, rounding off a global push to nearly double the fund's war chest to US$456 billion to help protect countries from fallout from the eurozone debt crisis.
China's contribution on Monday was part of a pledge by Group of 20 countries made in April to supply the International Monetary Fund with extra firepower.
"These resources are being made available for crisis prevention and resolution and to meet the potential financing needs of all IMF members," said Christine Lagarde, its managing director.
"They will be drawn only if they are needed as a second line of defense" when other IMF loans have been depleted, she said during a G20 summit in Mexico, which wraps up later yesterday.
Leaders of the BRICS nations - Brazil, Russia, India, China and South Africa - said earlier they "agreed to enhance their own contributions to the IMF" but had insisted the money be used only after existing funds were depleted.
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