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Cyprus May Have To Contribute Up To 460 Million Euros To IMF Fund

December 20, 2011

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Cyprus` contribution to the International Monetary Fund (IMF) will amount approximately to 460 million euro, if these funds are needed for the IMF to financially support Eurozone member states.

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 20, 2011 -- In statements to CNA after the Eurozone and other EU member states Finance Ministers teleconference, held on Monday afternoon with a view to pave the way for the implementation of the recent EU Summit decisions, Finance Minister said that Finance Ministers discussed boosting IMF resources. They also discussed the transformation of the European Financial Stabilization Facility to the European Stability Mechanism, which has been decided to come into force a year earlier in June 2012, instead of June 2013.

As regards the EU Summit decision to increase the European contributing to the IMF by 200 billion euro, 150 from Eurozone countries and 50 from the other EU member states, Kazamias said that Great Britain has opposed this decision and that it will take its decision in the framework of the G20.CNA

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Name: Penelope Hearns

Company: CyprusExpat.co.uk
Email: ***@yahoo.co.uk
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Marketing and Business Development Manager at www.cyprusexpat.co.uk which is an Expat website.

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