430 billion dollars pledged to raise global firewall
The International Monetary Fund's resources to respond to the global debt crisis will be boosted by 430 billion dollars, the Group of 20 leading advanced and emerging economies announced Friday, DPA reported.
The G20 agreed "to enhance IMF resources for crisis prevention and resolution," they said in a joint statement.
G20 finance ministers met Friday on the sidelines of the IMF-World Bank spring meetings in Washington. Their statement cited "firm commitments" from numerous countries to make additional resources available to the IMF.
"These resources will be available for the whole membership of the IMF and not earmarked for any particular region," the G20 said.
The pledges, accompanied by budget and economic reforms and monetary easing in the crisis-ridden eurozone and debt-plagued countries elsewhere, show "the commitment of the international community to safeguard global financial stability and put the global economic recovery on a sounder footing," the statement said.
IMF chief Christine Lagarde said that with the additional resources "we are north of a trillion dollars, actually."
She insisted that the new money was not just a firewall for the eurozone: "The fund is here for all the members."