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IMF confident on filling crisis war chest

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IMF confident on filling crisis war chest

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The International Monetary Fund said on Friday that it was closing in on its $400 billion target of cash reserves to ensure it has enough to respond if Europe’s debt crisis escalates.

But finance ministers from the Group of 20 richest nations, gathering in Washington, warned Europe’s governments they must do more to urgently address their debt problems to prevent that situation hurting global growth.

IMF chief Christine Lagarde said the fund had won pledges of at least $357 billion, but a final figure appeared likely to go much higher.

“We have been aiming at around $400 billion or beyond, and I am confident we will reach this objective,” EU Economic and Monetary Affairs Commissioner Olli Rehn said.

Worries about the eurozone’s debt crisis have dominated talks among finance officials in Washington this week for the semiannual meetings of the IMF and World Bank.