Australia has join the nations contributing to the International Monetary Fund's (IMF) an initiative plan to protect against further financial deterioration in Europe.
Over the night an IMF official said to have raised more than € 417 billion in an effort to assure finance markets that it has sufficient firepower to handle any new problems from Europe's prolonged debt crisis.
The Australia Treasurerconfirm that his country would contribute €5.5 billion to this project.
'' the investment will increase the lending capacity of the IMF and enable it to play its role systemics for the benefit of all members,'' this he said.
Meanwhile other countries are contributing to the same fund including Singapore who paid €3 billion, South Korea donated €15 billion and the United Kingdom also give €15 billion to the bailout fund.