IMF Moves to Calm Market Fears Over European Debt
Finance ministers and central bank governors hope the sizable increase in resources of the International Monetary Fund to more than $430 billion will be enough to handle any fresh crisis in the eurozone.
Talks continue Saturday as the policy-setting committees of the IMF and its sister institution, the World Bank, meet.
The IMF helps countries with financial crises and the bank provides loans for development projects in many poor nations. Both 188-nation organizations are based in Washington.
On Friday, IMF Managing Director Christine Lagarde announced the new resources figure after discussions of the G-20 major economic powers.
She says some countries, including Russia, India, China and Brazil, have made private pledges but don’t want to issue public commitments until they’ve conferred with officials in their home capitals.
(Copyright 2012 by The Associated Press. All Rights Reserved.)