Switzerland ready to help boost IMF reserves for economic stability

Switzerland is ready to take part in a bid by major economies to boost the International Monetary Fund's (IMF) reserves, said Finance Minister Hans-Rudolf Merz.

Leaders at a Group of 20 summit on Thursday agreed to triple the IMF's lending capacity to $750 billion (Dh2.75 trillion).

Merz said Switzerland had to share in the effort when the move was formally approved at the IMF and World Bank's Spring meetings from April 25 to 26. "I estimate that Switzerland would be able to grant the IMF an additional credit limit of a maximum of $10bn," he told NZZ am Sonntag. Merz said it would be "foolish and negligent" not to take part in the refinancing effort because of its influence on global economic stability.

The G20 also launched a crackdown on tax evasion, maintaining pressure on Switzerland and other financial centres to ease banking secrecy.