Lagarde Hopes To Raise IMF's Lending Power By $400 Bln: Report
Wednesday, 18 April 2012 | 11:00
International Monetary Fund Managing Director Christine Lagarde said she is hopeful of lifting the organization's lending capacity by more than $400 billion after this week's meetings with global leaders.
The comment was made during her interview with Italian newspaper Il Sole 24 Ore, which was published on Tuesday.
Finance ministers and central bank governors of G20 nations will meet in Washington on April 19 and 20. The semiannual meetings of the IMF and World Bank will be held on April 20 and 22.
"I hope that this week we'll will reach the critical mass of over $400 billion," the daily quoted Lagarde as saying. "We are determined to do everything we can."
Lagarde said she is willing to leave the matter open for a few weeks, as some countries need a little more time for Parliamentary approval.
She said that the progress made by several European countries on the fiscal front have reduced the IMF's funding requirement from the previous target of $500 billion.
Meanwhile, Japan said Tuesday that it will provide $60 billion to the IMF to fight the debt crisis amid renewed tensions in Eurozone.
In March, Eurozone finance ministers decided to raise the combined size of the region's bailout funds to $1.1 trillion to prevent the possible spillover of the debt crisis in some member states.
Source: RTT News
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