Norway Backs IMF by Offering $4.56 Billion

Oil-rich Norway said on Saturday it was ready to contribute up to 30 billion crowns ($4.56 billion) to support the International Monetary Fund (IMF) and called for the fund to play a bigger and more direct role in supervising financial markets…Unlike Western countries which have bailed out banks and offered fiscal stimuluses by plunging into debt, Norway has weathered the crisis by dipping into its oil and gas windfall, stored in an offshore fund worth more than $300 billion.

IMF Director General Dominique Strauss-Kahn on Saturday said that he welcomed Norway’s decision and considered it to be an important step in further strengthening the multilateral response to the economic crisis.

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