IMF Gets $430Bn in New Resources

FIREPOWER

Updated Apr. 21, 2017 5:07PM EDT / Published Apr. 21, 2012 8:01AM EDT

Nicholas Kamm, AFP / Getty Images

That’s a lot of souvlaki. The International Monetary Fund secured $430 billion in additional firepower Friday as protection against the spread of the euro crisis, nearly doubling the IMF’s lending strength. The announcement came after meeting between the IMF and the World Bank in Washington, D.C., and showed a strong response for the IMF from its member nations, who committed the funds. “We made a call to action and our members have delivered,” said IMF managing director Christine Lagarde. Countries from the euro zone contributed $200 billion, and other sizeable commitments came from Japan, Britain, and Saudi Arabia.

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IMF Gets $430Bn in New Resources

Nicholas Kamm, AFP / Getty Images