Chancellor George Osborne on £10bn loan to IMF

The Chancellor of the Exchequer George Osborne says the UK is willing to make a loan of slightly less than £10bn to the IMF.

The funds would increase the organisation's resources for lending to countries in financial crisis which include the eurozone, but are not confined to euro countries.

Mr Osborne made the announcement at IMF meetings in Washington.

The Chancellor emphasised the British contribution is part of a global effort and the loan would not add to the UK's debt.