Australia to lend more money to IMF

The International Monetary Fund (IMF) will soon be able to borrow more money from
Australia in the event of a future financial crisis.
Draft laws to increase the amount of credit the IMF can borrow, from $A1.4 billion
to $A7.5 billion, passed the House of Representatives on Tuesday.
The bill supports an agreement reached by world leaders at the April G20 meeting to
expand credit arrangements to the IMF by up to $US500 billion ($A570.91 billion).
It also will require the IMF pay back any borrowed money, including credit, to
Australia within five years.
Parliamentary secretary Maxine McKew said the IMF played an important role during
the recent global financial crisis.
"Helping to stabilise financial markets, boost confidence and usher in a recovery
from the severe global recession, this bill ensures the IMF has sufficient resources
to continue to support the global recovery and global economic security."
The International Monetary Agreements Amendment Bill (No 1) 2010 passed the lower
house unopposed.