Member states of the International Monetary Fund agreed on Saturday to a” significant increase ” in the fund’s lending resources by the end of the year.
Kristalina Georgieva, director of the International Monetary Fund, warned that the conflict between Israel and Gaza is increasing global economic uncertainty.
At a press conference after the meeting of the IMF steering committee, the head of the committee, Nadia calpino, did not disclose the terms of the increase in funding quotas, but said that the conditions would ensure that the fund would be able to maintain global financial stability.
A source familiar with the talks said the final wording of the statement was still being negotiated.
It was unclear whether the International Monetary and financial committee would endorse a widely supported U.S. plan for countries to contribute new funds in proportion to their existing quotas, which would delay any gains for China and other large, fast-growing emerging markets.
Calpinho, the Spanish economy minister whose term as head of the IMF’s steering committee is coming to an end, said there was consensus on “core issues”.
