The International Monetary Fund (IMF) says it will seek to raise up to $500 billion as the European debt crisis threatens the global economy.
The IMF statement says that "based on staff's estimate of global potential financing needs of about $1 trillion in the coming years, the fund would aim to raise up to $500 billion in additional lending resources.”
The IMF said the $500 billion total includes the recent European commitment to add about $200 billion to its resources.
The IMF statement came after press reports of sources saying the fund would seek to raise as much as $600 billion.
Shortly after the IMF issued the statement, the United States reiterated that it would not take part in the raise efforts.
compiled from agency reports
The IMF statement says that "based on staff's estimate of global potential financing needs of about $1 trillion in the coming years, the fund would aim to raise up to $500 billion in additional lending resources.”
The IMF said the $500 billion total includes the recent European commitment to add about $200 billion to its resources.
The IMF statement came after press reports of sources saying the fund would seek to raise as much as $600 billion.
Shortly after the IMF issued the statement, the United States reiterated that it would not take part in the raise efforts.
compiled from agency reports
