IMF stockpiles funds for crisis resolution
The IMF on Monday boosted its lending purse to the tune of $500 billion.
The new arrangements to borrow (NAB) facility, which was set up in November 1998, is set to grow from $50 billion to $550 billion if approved by 85% of the participating countries, which in some cases must revert to their legislatures. The method is distinct from the quota subscriptions that provide the bulk of the Fund's income.
Dominique Strauss-Kahn, the IMF's managing director, said boosting the credit facility would
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