IMF gets $456 billion for crisis firewall
MEXICO, LOS CABOS : IMF Managing director Christine Lagarde (L) and General Director of the World Trade Organization Pascal Lamy (R) chat during the family picture of the G20 Summit of Heads of State and Government in Los Cabos, Baja California, Mexico on June 18, 2012. AFP PHOTO / PAUL J. RICHARDS
LOS Cabos, Mexico – IMF chief Christine Lagarde said on Monday that member states had promised a total of $456 billion (361 billion euros) for its new crisis fund, $26 billion more than a target set in April.
“Countries large and small have rallied to our call for action, and more may join,” the International Monetary Fund director said in a statement.
“I salute them and their commitment to multilateralism. As a result, total pledges have risen to $456 billion, almost doubling our lending capacity.”
China said it is pledging $43 bn to the IMF economic crisis fund.
