Japan and China have agreed to cooperate on the issue of contributions to the International Monetary Fund (IMF) to reduce the impact of European debt crisis on the region’s economy, as well as the world economy. This decision came after the meeting of Chinese finance minister Xie Xuren and his Japanese counterpart Jun Azumi in Tokyo.
According to Jun Azumi, Japan and China will soon come to a consensus on whether to increase the contribution to the IMF.
Last week, EU finance ministers have approved an increase in total lending capacity from the current 500 billion euros to 700 billion euros.
“Euro area economy is no longer in a critical situation, as it was before, but its condition is still not encouraging. We intend to closely monitor the situation. As for contributions to the IMF, we will conduct a series of negotiations and arrive at a consensus for G20 Summit,” said D.Azumi.
On April 4, 2012. IMF chief Christine Lagarde addressed the industrial countries to increase IMF resources in order to more effectively confront crises like the one that broke out in Europe. According to her, after the euro-zone countries have increased their anti-crisis funds, the IMF may become an additional source of financial security.
The summit of finance ministers of G20 members will be held on April 20 2012.