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Macroeconomics  |  June 19, 2012 15:10:00

IMF increased resources to combat crisis

The International Monetary Fund plans to raise funds to fight the crisis of $ 456 billion. The promise came from the twelve member countries, including the BRICS ongoing G20 meeting in Los Cabos, Mexico. China offered $ 43 billion, India, Russia and Brazil have agreed to provide $ 10 billion, the G20 summit host country Mexico, also offered $ 10 billion and South Africa $ 2 billion.

Executive Director Christine Lagarde welcomed the commitment to further increase IMF resources. New posts will only be used as a "second line of defense," said Lagarde.In April, the G20 countries agreed to strengthen the IMF's resources by more than $ 430 billion.

On Monday, the G20 called on eurozone countries to take all necessary measures to ensure the political stability of the monetary union. The report quoted draft communiqué to be published at the end of negotiations. According to the draft communique, leaders of twenty countries prepare a coordinated plan of action to resolve the crisis in the euro area and slowing global growth.

According to a statement on Monday the IMF, Europe needs to revive economic growth and help break the vicious circle that keeps many countries in crisis-mode feedback loop between weak public finances, weak banks and weak growth, and constantly threatens other countries.

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