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IMF To Raise $500 Billion In New Funds

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