Monday, Spain pledged to lend four billion Euros to the International Monetary Fund (IMF) in order to aid global recovery efforts that were put into place by a European Union Agreement.

The IMF released a statement that the IMF, and World Bank, will use the money to help provide payment assistance to members of the EU, who are devastated by the current economic crisis.

Spain is signed into a contract with IMF to provide it with funding over the course of four years, as part of their commitment to the European Union, which were made in March of 2009.

Overall the European Union has pledged about 75 billion Euros to the IMF.