The International Monetary Fund (IMF) says it has received pledges for more than $430 billion in new funds for crisis intervention.
IMF Managing Director Christine Lagarde said in Washington that the commitments "almost double the lending capacity of the fund" and that pledges from the BRIC group of countries (China, Russia, India, and Brazil) had helped reach the fundraising goal.
The fundraising comes after the IMF committed tens of billions of dollars to rescues of Portugal, Ireland, and Greece and had become worried about its lending power for the future.
IMF Managing Director Christine Lagarde said in Washington that the commitments "almost double the lending capacity of the fund" and that pledges from the BRIC group of countries (China, Russia, India, and Brazil) had helped reach the fundraising goal.
The fundraising comes after the IMF committed tens of billions of dollars to rescues of Portugal, Ireland, and Greece and had become worried about its lending power for the future.