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IMF to increase resources to more than $1 trillion: report

BERLIN, September 25, 2011 (AFP) - The International Monetary Fund may be hoping to increase its financial resources from $940 billion to at least $1.3 trillion, according to a newspaper report out Monday.
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German daily the Frankfurter Allgemeine Zeitung said two "models" were currently being examined to up the IMF's resources, without stating its source.

It follows comments on its lending capacity by managing director Christine Lagarde in an action plan released Saturday.
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"Our lending capacity of almost $400 billion looks comfortable today but pales in comparison with the potential financing needs of vulnerable countries and crisis bystanders," Lagarde said.

"It will be useful to discuss, soon, the needs and contingency options," she added.

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A November 2010 agreement doubled the permanent contributions, or quotas, of the IMF's member states.

But before the quota reform can take effect, a sufficient number of national parliaments must ratify it. About 40 have done so, of the 113 needed.

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