WASHINGTON: International Monetary Fund chief Christine Lagarde said Wednesday that the Fund probably needs less new money for crisis intervention than the $500 billion earlier anticipated, crediting action by the eurozone for the change.
"To be as effective as possible, we need to increase our resources," she told a Washington audience.
"We are, of course, continuously assessing and reassessing global risks, taking into account developments in the global economy, economic climate, on the markets as well as all policy actions including by Europe.
"And the needs now may not be quite as large as we had estimated earlier this year. It's only because action was taken by the European institutions."
Lagarde was speaking a week before the IMF and the G20 finance ministers and central bankers hold meetings in Washington, with a key topic boosting the IMF's resources for intervening in financial crises.
For months the Fund has said it needs some $500 billion in ready funds, and has quietly asked member states to say how much they could put up.
In December the euro area offered 150 billion euros ($189 billion) for the funding round.
But the United States, the IMF's largest shareholder, has suggested it will not participate.
indiatimes.com
"To be as effective as possible, we need to increase our resources," she told a Washington audience.
"We are, of course, continuously assessing and reassessing global risks, taking into account developments in the global economy, economic climate, on the markets as well as all policy actions including by Europe.
"And the needs now may not be quite as large as we had estimated earlier this year. It's only because action was taken by the European institutions."
Lagarde was speaking a week before the IMF and the G20 finance ministers and central bankers hold meetings in Washington, with a key topic boosting the IMF's resources for intervening in financial crises.
For months the Fund has said it needs some $500 billion in ready funds, and has quietly asked member states to say how much they could put up.
In December the euro area offered 150 billion euros ($189 billion) for the funding round.
But the United States, the IMF's largest shareholder, has suggested it will not participate.
indiatimes.com
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