IMF Seeks $600 Billion Boost

18.01.2012 13:43

WSJ: BRUSSELS—The International Monetary Fund has identified a need for $600 billion in additional resources to help fight the European debt crisis, a euro-zone official said Wednesday.

With the European Union expected to contribute €200 billion ($253.34 billion)—the rest of the world needs to contribute $350 billion, the official said.

Euro-zone governments at their summit last month already agreed to contribute €150 billion. It is hoped that the U.K. and other EU governments not using the euro will agree to contribute an extra €50 billion as part of a global deal to boost the IMF's resources, the official said.

The EU will contribute more to the new IMF resources than the third of the fund's quota its members hold, reflecting a recognition that the bulk of these new funds will be used for lending to beleaguered euro-zone governments, the official said.

Write to Matthew Dalton