IMF seeks to bolster war chest

THE International Monetary Fund is seeking to boost its war chest by $600 billion (€473.35bn) to help countries reeling from the eurozone debt crisis, but some nations insist that Europe must first do more to support its ailing members, international financial sources said yesterday.

Group of 20 officials will discuss increasing IMF resources at a meeting in Mexico City today and tomorrow, the first under Mexico’s 2012 presidency of the group of developed and emerging economies.

The IMF said in a statement it will need $500bn to lend to member countries in need, and IMF sources who were present at an IMF board meeting on the issue on Tuesday told Reuters that another $100bn is needed as a “protection buffer”.