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"The biggest challenge is to respond to the crisis in an adequate manner"
- Christine Lagarde, the IMF Managing Director
The International Monetary Fund is aiming to increase its lending capacity by 500 billion dollars to protect economies from the escalating euro zone debt crisis.
"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. This total includes the recent European commitment of about $200 billion in increased Fund resources," said the IMF spokesman.
"The biggest challenge is to respond to the crisis in an adequate manner and many executive directors stressed the necessity and urgency of collective efforts to contain the debt crisis in the euro area and protect economies around the world," said the IMF Managing Director Christine Lagarde on Tuesday.