Thursday, 13th November 2008
In General Japan News,
Aso pledges $100bn IMF donation
Japanese prime minister Taro Aso is set to announce the donation of $100 billion to the International Monetary Fund.
Today (November 13th), Mr Aso travels to Washington to attend a summit of world leaders and heads of state.
At the summit, Mr Aso is expected to call for an overhaul of the present system financial oversight and the establishment of a global mechanise to supervise financial bodies.
The donation is designed to help underpin an emergency financing system which will provide assistance to countries facing financial troubles.
NHK World reports that the money will come from the country's foreign reserves.
In related news, the Financial Times reports that a sharp rise in interest rates in Pakistan increased the likelihood of an IMF loan package for the country.
Shamshad Akhtar, governor of the central bank, said: "Steps have been taken over the last few months aimed at addressing emerging challenges but we have to tighten monetary policy to achieve price stability."