Russia to spend $10B on IMF bonds

MOSCOW, May 27 (UPI) -- Russian Finance Minister Alexei Kudrin said Russia expected to spend $10 billion on International Monetary Fund bonds to support struggling countries.

"Some EU countries and other economies have expressed their support for the enlargement of the IMF's financial resources. In turn, the IMF has offered a number of financial instruments that would be advantageous and suitable for countries that would be prepared for the time being to provide financial resources in the form of loans … to support needy countries," Kudrin said.

The funding, taken from Russian international reserves, complies with an April pledge among Group of 20 nations to increase international reserves by $1.1 trillion, RIA Novosti reported Wednesday.