The Group of Twenty major economies may contribute over $450 billion to the International Monetary Fund (IMF), G20 summit host Mexican President Felipe Calderon said on Tuesday.
“This is the biggest capitalization in the fund’s history,” Calderon told journalists following the summit.
He said the capitalization would help the global effort to overcome the financial crisis.
The G20 in April pledged to contribute $430 billion to the IMF to fight the spread of the debt crisis in the Eurozone.
Russia will make a contribution of up to $10 billion, Russian President Vladimir Putin told journalists following the summit, confirming the sum earlier voiced by Finance Minister Anton Siluanov.
Putin said the funds will be reserved and will be used if necessary. He added that the funds’ reservation was one of ways for Russia to place its gold and foreign currency reserves.