Norway offers R77 bn loan to IMF

2011-12-21 11:03

Norway has offered a bilateral loan worth 55 billion kroner (about R77?billion) to the International Monetary Fund (IMF) to boost the fund’s lending capacity amid global financial uncertainty.

The loan, to be approved by parliament, would double the oil and gas rich Scandinavian country’s loans to the IMF.

In a letter to IMF chief Christine Lagarde, Finance Minister Sigbjorn Johnsen said it was “important to ensure that the IMF has sufficient lending capacity to meet the needs of its member countries”.

The IMF is a key player in bailout packages to indebted countries, including Europe.

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