International Monetary Fund

House of Lords written question – answered on 15th February 2012.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 6 February (WA 14), whether they have advised the International Monetary Fund that they will not agree to make a bilateral, as opposed to quota, contribution to the fund to fund payments to or for the benefit of individual eurozone member states.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

As the Chancellor of the Exchequer has said, the UK, as a long-standing supporter of the International Monetary Fund (IMF), stands ready to play its part in a global agreement to increase IMF resources.

As yet, there is no international agreement on the timing, extent or exact method through which any increase to IMF resources would be delivered.

However, the Chancellor has also been clear that any new UK contribution to the IMF will be a contribution to the IMF's resources for its entire membership and not to a new vehicle or fund for the euro area.

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