IMF raises over $430 bn for crisis fund

The IMF said Friday it had raised "over" $430 billion for its "global firewall" to intervene in possible economic crises, with emerging giants Russia and China adding significant sums to the pool. "We have commitments that are north of $430 billion. That almost doubles the lending capacity of the fund," IMF managing director Christine Lagarde said at a news conference. She said that the effort "signals the strong resolve of the international community to secure global financial stability and put the world economic recovery on a sounder footing." Some $72 billion in pledges by emerging giants China and Russia together with other unnamed countries put the IMF over its $400 billion target announced at the crisis lender's annual spring meeting in Washington. "These resources will be available for the whole membership of the IMF, and not earmarked for any particular region," the IMF said in a statement, reflecting members' concerns that the money would be destined for more bailouts of eurozone countries.