Lalit K Jha/ PTI / Washington Jun 10, 2009, 11:38 IST
The International Monetary Fund has welcomed the Chinese decision to invest $50 billion in notes issued by IMF which would help in addressing the issues of the global financial crisis in third world countries.
"We are grateful to the Chinese authorities for signaling their intention to invest in IMF notes and thereby, helping the IMF membership weather this global economic and financial crisis," IMF Managing Director Dominique Strauss-Kahn said in a statement.
On one hand, IMF members' investment in Fund securities will boost the Fund's capacity to help member countries, particularly developing and emerging market countries, cope with the crisis and thus benefit all members by facilitating an early recovery of the global economy.
"With this announcement, Chinese authorities have signaled strong support for the international economic and financial system," he said adding, "This decision will be beneficial to all."
At the same time, the new notes will offer members a safe investment instrument with reasonable return. "IMF staff will present the necessary documentation to the Fund's Executive Board to allow the issuance of notes as early as possible," he said.
Content Guide
