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G20 leaders mull tripling of funds available through IMF

(Agencies)
Updated: 2009-04-02 15:01

LONDON -- G20 leaders are preparing a tripling of money available through the International Monetary Fund to help countries whose economies are hard hit by the financial crisis, G7 sources said on Wednesday.

The plan would be a major announcement for world leaders from developed and emerging economies who hold a one-day crisis summit in London on Thursday.

A G7 source familiar with the IMF talks said funding of this size was being actively considered although one potential stumbling block was what member countries would get in return.

IMF First Deputy Managing Director John Lipsky said that negotiations included a proposal from US Treasury Secretary Timothy Geithner for an expansion of new arrangements to a total of $500 billion in fresh money -- a move that would increase IMF funds to $750 billion.

Other governments have called for a doubling of IMF resources to $500 billion.

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"I am confident that our membership will make sure that we have the resources to fulfil our responsibilities to help stabilize the global markets and the global economy, and restore positive growth," Lipsky said at a news conference here with the Mexican finance minister Agustin Carstens.

In addition, a Russian news agency report on Wednesday said G20 leaders might approve $373 billion worth of IMF Special Drawing Rights (SDRs) for its member countries. The move could be similar to a central bank printing money to increase the amount of cash flowing through an economy.

Meanwhile, borrowing by member countries from the IMF has increased significantly, and Mexico on Wednesday became the first emerging market to tap up to $47 billion from a new IMF flexible credit line designed for well-run economies .

With more countries showing interest in tapping the credit line and other IMF programmes in the face of a deepening global recession, there are concerns that the IMF will have enough resources.

Lipsky said it was important that the resources made available to the IMF instilled confidence in markets that the Fund has enough resources to help countries.

Since last year, the IMF has approved rescue loans for Iceland, Hungary, Latvia, Ukraine, Serbia, Belarus and Romania, and Lipsky said it was in talks with more countries seeking to borrow from the Fund.

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