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IMF gets $430 bil. funding boost

Saturday, April 21, 2012

The finance chiefs of the G20 nations have pledged more than 430 billion dollars to shore up the lending capacity of the International Monetary Fund.

IMF Managing Director Christine Lagarde expressed gratitude to contributors and said the fund now has the firepower to handle any new problems.

The new money will almost double the fund’s lending capacity.

The finance leaders issued a joint statement on Friday after meeting in Washington.

It says the global economy is gradually recovering, but fluctuations in the financial markets still pose a risk.

The document expresses concern about high oil prices and says fiscal reconstruction remains a major challenge.

Saturday, April 21, 2012