BREAKING NEWS

Emerging powers said ready to give IMF billions

By REUTERS

APRIL 20, 2012 11:22

WASHINGTON - Major emerging powers stood ready on Friday to pledge money to bolster the International Monetary Fund's crisis-fighting war chest, though Brazil was holding out for promises that their voting power at the global lender would increase.

Russia said that G20 advanced and emerging countries were ready at a meeting on Friday to commit enough new funds to fulfill IMF chief Christine Lagarde's request for at least $400 billion to draw a line under the euro-zone crisis. Russia itself, he said, would offer $10 billion.

"Trust me that the G20 will announce the final amount. This will be an amount that will satisfy the management of the International Monetary Fund," said Sergei Storchak, Russia's deputy finance minister.

Support from Russia, China and Brazil is crucial to achieve the doubling of the IMF's war chest the global lender is seeking. Europe and Japan already have pledged $320 billion. An international diplomat said that in all, emerging nations have lined up at least $100 billion.

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