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Britain refrains from committing more money to IMF funds

Britain refrains from committing more money to IMF funds

PanARMENIAN.Net - Cash-strapped Britain is holding back on committing more money to the International Monetary Fund's crisis-fighting firepower this weekend even though around $320 billion (199 billion pounds) has already been committed by other countries, Reuters reported.

"We are going to Washington for the Spring meetings and we have to wait to see what other countries think - this is a global deal," a Treasury official said on Thursday, April 19.

The world's leading finance ministers and central bankers meet in Washington at the IMF's annual meeting starting on Friday. They will discuss whether the euro zone has done enough in dealing with its debt crisis to secure the IMF's desired target of at least $400 billion in fresh donations.

The United States has declined to give any new money, but Japan has stumped up $60 billion and Britain could - without needing legal approval at home - offer up to 10 billion pounds, a total already approved by parliament following the credit crunch.

But Chancellor George Osborne, who has imposed one of the toughest austerity plans at home and said there is no spare money in the coffers to help a stuttering UK economy, is cautious. The International Monetary Fund said on Wednesday it had raised $320 billion so far in a bid to boost its firepower to deal with the euro zone debt crisis, with Poland and Switzerland joining the effort.

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