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G20 Pledges To Enhance IMF Crisis Fund To About $430 Billion

The International Monetary Fund has secured its crisis prevention resources to about $430 billion "to safeguard global financial stability and put the global economic recovery on a sounder footing."

A joint Statement by the International Monetary and Financial Committee and the Group of 20 Finance Ministers and Central Bank Governors said on Friday that the agency is committed to take the necessary actions to secure global financial stability.

The fund would be channeled through temporary bilateral loans and note purchase agreements to the IMF's General Resources Account, the agency said. The global lender added that these resources would be available for the whole membership of the IMF, and not earmarked for any particular region.

With the additional boosting, the IMF fund for loans has doubled its capacity and the total firepower has reached above 1 trillion.

"We have the necessary tools in the tool box and we will use this wisely," IMF Managing Director Christine Lagarde said after the G-20 meeting and added that the extra resources would create to the stability of the global economy.

by RTTNews Staff Writer

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