UK commits 9.3 billion pounds to IMF fund

The UK will commit 9.3 billion pounds to the IMF as part of the fund’s efforts to boost its firepower.

The IMF is expected to announce shortly that it has succeeded in securing commitments totalling at least USD 400 billion from the fund’s members.

The amount is just below the funding limit that can be granted without a parliamentary vote.

Mr Osborne’s ability to raise the amount offered above the limit was constrained by opposition from eurosceptic MPs, who oppose Britain’s contributions to what is perceived to be a eurozone bailout fund.

Mr Osborne said the UK and other IMF members had called for certain conditions to be attached to their contributions.

“We want loans to be granted with full conditionality. And for there to be programmes of countries, not currencies,” the chancellor said.

The 9.3 billion pounds will come from the UK’s foreign exchange reserves.