IMF to secure $400b funding for Europe

(Washington) – The Group of 20 nations have stood ready to commit at least $400 billion to bulk up the International Monetary Fund, as IMF has been aiming to raise at least $400 billion; a doubling of its lending capacity, to ensure it has enough firepower to respond if Europe’s debt crisis escalates.
“We have been aiming at around $400 billion or beyond, and I am confident we will reach this objective in the G-20 meeting today,” EU Economic and Monetary Affairs Commissioner Olli Rehn said.
British Chancellor of the Exchequer George Osborne said his country will loan the IMF $15 billion as part of a drive expected to add more than $400 billion to the global lender’s resources.
Russia also said the G-20 was ready to pledge enough new funds to meet IMF chief, Christine Lagarde’s $400 billion target.