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IMF Gets Hundreds of Billions More for Emergency Loans

IMF Managing Director Christine Lagarde listens to a question during a G-20 news conference at the IMF and World Bank Group Spring Meetings in Washington, April 20, 2012.
IMF Managing Director Christine Lagarde listens to a question during a G-20 news conference at the IMF and World Bank Group Spring Meetings in Washington, April 20, 2012.

Nations around the world are pledging more money for emergency loans to help member nations of the International Monetary Fund cope with any new economic crisis.  

The Managing Director of the International Monetary Fund, Christine Lagarde, said the members of the IMF have made commitments to provide as much as $430 billion for loans to help members through economic difficulties.

"We have commitment North of [more than] $430 billion, and that almost doubles the lending capacity of the fund," said Lagarde.

She spoke Friday in Washington after meetings with Central Bank Governors and Finance Ministers from the world's 20 leading economies.  G20 officials said the pledges were part of a broad international consensus, and came from a significant number of nations.  

"It really shows the resolve of the international community to have available the tools in the tool kit to  resist and defend against crisis," said Lagarde.

Those tools also include efforts to better manage spending, debt, interest rates, and other economic policies to encourage growth.

Concerns about Europe's economic troubles have been a major topic this week among finance officials gathered in Washington for semi-annual meetings of the International Monetary Fund and the World Bank.  

Earlier, IMF experts said Europe's continuing debt crisis is the most likely threat to global growth. G20 officials said the money would be available to any of the IMF's 188 member nations, however, not targeted at any particular region.

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