Spain pledges 4 bln euros for IMF

ISTANBUL:Spain on Monday pledged to lend more than four billion euros (5.8 billion dollars) to the International Monetary Fund to help global recovery efforts as part of a European Union agreement, the IMF said.

The IMF said in a statement released in the run-up to annual meetings of the IMF and World Bank in Istanbul that the money would help "provide timely and effective balance of payments assistance to its members in the current crisis."

"The IMF and Spain have signed an agreement to provide the fund with up to 4.14 billion euros ... The agreement, which is valid for up to four years, is part of a commitment made by the European Union in March 2009," it added.

The EU has pledged up to 75 billion euros to support IMF lending.

Spain is the seventh country to sign such an agreement in recent months and the fourth EU member state after Britain (15 billion dollars), France (11 billion euros) and Germany (15 billion euros).

IMF member states have agreed to lend the fund more than 500 billion dollars following a promise made by the Group of 20 (G20) developed and emerging economies at their summit in London in April.