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Japan, IMF agree to extend loan arrangement www3.nhk.or.jp
Japan and the International Monetary Fund have agreed to extend a loan agreement for another 4 years.
The move came in a meeting in Washington on Friday between Japanese Finance Minister Taro Aso and IMF Managing Director Christine Lagarde.
Japan extended a loan of 60 billion dollars to the IMF in 2012 to help the fund flexibly assist countries affected by the credit crisis in Europe. The loan period expires at the end of this month.
Speaking after the meeting, Aso stressed the importance of the IMF securing a stable capital base to respond to potential risks in the global economy.
Aso also met US Treasury Secretary Jack Lew.
The two officials reaffirmed the importance to both countries of the Trans-Pacific Partnership agreement.
Aso told Lew the Japanese government aims to obtain Diet approval for the free trade pact during the current Diet session.
The Japanese minister told a news conference that countries need to cooperate in fighting protectionism. He suggested that policies that put domestic industries ahead of trade have slowed down the global exchange of goods.
He said critics should not focus only on harmful effects of free trade but on positive outcomes such as economic prosperity.
Published Date:2016-10-10
