Empty-handed

19 April 2012 By Christopher Swann

Fund boss Lagarde is now aiming for $400 bln in extra firepower to handle any European bailout – down from a hoped-for $600 bln. The refusal of U.S. lawmakers to contribute has crimped the IMF’s ambition and may do the same, long-term, for America’s global financial clout.

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The International Monetary Fund said on April 19 it had raised $320 billion so far in a bid to boost its firepower to deal with the euro zone debt crisis, with Poland and Switzerland joining the effort.

IMF Managing Director Christine Lagarde said she had received commitments of $34 billion on April 18, including $8 billion from Poland and “a substantial amount” from Switzerland.

Lagarde is hoping to secure at least $400 billion in commitments from finance officials from around the globe, who are meeting this week in Washington.

The United States has declined to provide fresh funds to the IMF.

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