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U.K. Offers $15 Billion For IMF Resources

Britain's government says it will loan the International Monetary Fund (IMF) $15 billion as part of a drive expected to add more than $400 billion to the global lender's resources.

Chancellor of the Exchequer George Osborne said Britain was able to contribute because the austerity measures carried out in recent years by Prime Minister David Cameron's government had strengthened its economic position.

Osborne is in Washington to attend IMF-World Bank spring meetings.

The British contribution is relatively small. Another developed economy, Japan, has offered $60 billion.

The IMF currently has about $380 billion available for lending if necessary to governments in the eurozone or elsewhere, and the additional $400 billion would considerably strengthen its lending power.

IMF chief Christine Lagarde said on April 20 in Washington that so far $357 billion had been raised.

With reporting by AP