IMF reveals 430bn boost to coffers
The International Monetary Fund has raised more than $430 billion ( (€325 billion) in an effort to assure finance markets that it has sufficient firepower to handle any new problems from Europe’s prolonged debt crisis.
IMF managing director Christine Lagarde announced the new figure at the conclusion of talks among finance officials of the Group of 20 major economic powers today.
She said that some countries including Russia, India, China and Brazil had made private pledges but did not want to issue public commitments until they had conferred with officials in their home capitals.
But she said when the public and private commitments were combined, the total raised would exceed $430 billion, nearly doubling the IMF’s available resources to make loans to nations in trouble.
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