The ongoing G20 summit, which concludes today, has produced one piece of good news from the International Monetary Fund.
Director Christine Lagarde will now have more money to loan out as the IMF attempts to help countries struggling with debt. Its reserves will now be boosted by $456 billion of funding promises from around 40 nations, a doubling of firepower, and including a $43 billion pledge from China.
Most of the money comes from eurozone countries; despite their difficulties even Cyprus and Spain are chipping in, for example.
“We are all united in our solidarity and our strong support to our European friends and brothers, the people and their government. We trust you, we know of your great efforts and we know that because of those efforts and the work we do here a new Europe will emerge, stronger, more integrated, more united and more responsible,” said the host, Mexican President Felipe Calderon.
Brazil, Russia, China and India all say their increased contributions are conditional on the IMF giving them and developing nations increased say on policy in the future.