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March 23, 2023

IMF secures USD 320 bln in new funds

The International Monetary Fund said on Wednesday it had raised USD 320 billion so far in a bid to boost its firepower to deal with the euro zone debt crisis, with Poland and Switzerland joining the effort, CNN informs. IMF Managing Director Christine Lagarde said she had received commitments of USD 34 billion on Wednesday, including USD 8 billion from Poland and “a substantial amount” from Switzerland. “Ensuring that the Fund has sufficient resources to tackle crises and to promote global economic stability is in the interests of all our members,” she said in a statement. Lagarde is hoping to secure at least USD 400 billion in commitments from finance officials from around the globe, who meet this week in Washington under the auspices of the Group of 20 nations and the IMF and World Bank. The issue has taken on new urgency given increased borrowing costs in Spain and Italy that have reignited fears the euro zone crisis could flare again, and that the fallout could imperil the global economic recovery. The United States has declined to provide fresh funds, saying it had done its part by ensuring dollar liquidity for banks in Europe, but it threw its weight behind the fundraising effort on Wednesday.

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