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IMF gets 10-billion-dollar loan from Canada
Jul 8, 2009, 17:02 GMT
Washington - Canada signed an agreement Wednesday to loan 10 billion dollars to the International Monetary Fund (IMF) to help prop up countries that are struggling in the current financial crisis.
The deal comes after leaders of the Group of 20 (G20) bloc of leading wealthy and emerging economies agreed in April to triple the IMF's lending resources to 750 billion dollars.
Norway agreed to a 4.5-billion-dollar loan earlier this week and Japan provided 100 billion dollars in February. The United States and European Union have promised 100 billion dollars each, but have yet to hand over the money.
Emerging countries China, Russia and Brazil have also promised to provide funds for the first time through a new bond offer being set up by the IMF.
The agreement was signed by Canadian Finance Minister Jim Flaherty and IMF Managing Director Dominique Strauss-Kahn, the IMF said.
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