China and Japan agreed to boost International Monetary Fund's capacity in attempts to increase the fund's ability of fighting the European debt crisis through supporting indebted nations to prevent the contagion from spreading further.
The Japanese Finance Minister, Jun Azumi, clarified after meeting his Chinese peer, Xie Xuren that both nations are ready and willing to extend the support provided to the International Monetary Fund; however, the minister added that euro-area members must provide further effort and commit to solving the debt crisis.
What we agreed on...is that European countries need to do more, although (the situation), including Greece, is headed in a good direction, Azumi told reporters in Beijing.
We can expect some sort of request from the IMF to those including the United States, Japan and China. We agreed that Japan and China will coordinate closely and will jointly respond to IMF, he added.
The International Monetary Fund is seeking to raise around $600 billion of new resources to support nations in fighting back the crisis; however, nations outside the region demand more commitment by euro-area members before they commit with the IMF.