IMF to mull ways to increase firepower: Lagarde

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IMF to mull ways to increase firepower: Lagarde
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - The International Monetary Fund will explore options to increase its lending capacity, the agency's managing director Christine Lagarde said Tuesday. "IMF management and staff will explore options for increasing the Fund's firepower, subject to adequate safeguards," Lagarde said in a brief statement after an IMF executive board meeting about the adequacy of the IMF's resources. European leaders said last month that they are considering adding up to 200 billion euros in resources to the IMF in an effort to spur similar donations from other global heavyweights. The IMF could then use the extra cash to help stem the debt crisis. Lagarde said the IMF board stressed the need for countries to work together to contain the debt crisis. The White House has made clear that it won't contribute more to the IMF. Analysts said that Congress would not support any increase in U.S. taxpayer support.