IMF boosts resources by $430 billion to calm market fears over European debt crisis

Finance ministers and central bank governors hope a more than $430 billion increase in resources of the International Monetary Fund will be enough to handle any fresh crisis in the eurozone.

IMF Managing Director Christine Lagarde announced the new figure at the conclusion of discussions of the G-20 major economic powers Friday. 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.

IMF boosts resources by $430 billion to calm market fears over European debt crisis - The Washington Post