The IMF board met yesterday for assess the adequacy of its resources, against the background of the downgrade of many European countries by Standard & Poor's and the reopening of the confrontation between Greece and its private creditors over the debt swap and avoid a default.
"The discussion on the adequacy of the IMF's resources was a good opportunity to assess whether these are sufficient for the Fund to play its role and ensure global stability", the IMF director general, Christine Lagarde, underlining that "the greatest challenge is to respond to the crisis adequately and many IMF directors have highlighted the need and urgency of collective efforts to contain the euro area debt crisis and protect economies from contagion and excessive contractions".
Finally, Lagarde assured: “The staff of the Fund will evaluate the options for increase IMF resources".
