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Swan Says Australia’s IMF Contribution Is Small

April 22, 2012 by rochelle in World with 0 Comments

Opposition Leader Tony Abbott said the Federal Government should explain to taxpayers why it is giving a large amount to the International Monetary Fund. The contribution is earmarked to add to IMF’s European bailout package.

Australia has shelled out $6.8 billion or the equivalent of US$7 billion. The bailout package is expected to help stabilize any decline and deterioration in European economy.

Abbott said the opposition has always supported the country’s support to international bodies like the IMF. He, however, said the government still needs to explain the big contribution to the international body.

Treasurer Wayne Swan said that the amount is really small and not as big as Abbott projected it to be. Swan added that Australia’s contribution would greatly help in the stability of the European economy.

The International Monetary Fund issued a statement last Friday, saying that the international body has raised more US$430 million in contributions. The money raised will aid in finance markets and help Europe in its debt crisis. European economy has been in a slump for quite awhile.

Swan said Australia’s contribution is very small compared to the money given by other countries and the total money raised. He said the funds will provide greater certainty in European economy and the global economic outlook.

He reiterated that the contribution is proportionate to the country’s representation in the IMF.

Swan also added that other developed companies gave a much larger financial aid than Australia. Both the United Kingdom and South Korea contributed US$15 billion to the IMF.

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