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    Japan to tap FX reserve if IMF steps up bailout

    HotNewsTurkey with wires
    12.10.2008 - 09:41 | Son Güncelleme:

    Japan said on Saturday it is ready to offer a part of its $1 trillion foreign reserves to the International Monetary Fund (IMF) if the multi-national lender is to support countries facing economic crisis. (UPDATED)

    Japan's Finance Minister Shoichi Nakagawa told the IMF that Japan was ready to loan a portion of its forex reserves if the IMF needs more funds for rescue lending, Reuters reported citing a senior Japanese finance ministry official.


    But Japanese officials did not elaborate on how much it is ready to contribute to the IMF, according to the report.


    International Monetary and Financial Committee (IMFC), the IMF's policy-guiding body, said Saturday the multilateral institution was ready to lend rapidly to countries in need of capital in the desperate crisis.





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