Japan's finance minister promises to provide bailout money through IMF
Japan's finance minister says the country is ready to provide some of its ample cash for any International Monetary Fund bailouts for struggling nations to help stabilize the growing global financial crisis, the Associated Press reported.
Finance Minister Shoichi Nakagawa told reporters Friday that Japan will make that offer along with proposals about accounting standards and other regulatory adjustments at a world summit in Washington Nov. 15.
Nakagawa did not say the acceptance of its proposals would be needed to get any of the money but he says Japan expects to play a greater international leadership role.
He says the IMF has about $210 billion funds but that may not be enough.
Nakagawa says that Japan has $1 trillion in possible funding and that they is it as "lending to the IMF basically as risk-free."