*IMF SAID TO PROPOSE BOOSTING ITS LENDING RESOURCES BY $1 TRLN
*CORRECT: IMF SAID TO SEEK RAISING LENDING RESOURCES BY $500 BLN
RTRS-IMF ESTIMATES IT NEEDS TO RAISE UP TO $600 BILLION IN NEW RESOURCES – IMF SOURCES IN BOARD DISCUSSION
(But seriously, for a moment — one source of confusion might be that a $600bn increase would take the IMF’s current $400bn resources to that big $1,000bn number. Although whether that makes it any likelier to get through Congress… we’ve no idea.)
Updated — Just to note the FT’s confirmation that it’s $500bn:
The estimate, presented by Christine Lagarde, IMF managing director, to the fund’s executive board earlier this week, would most likely be financed by voluntary ad hoc loans rather than requiring all IMF member countries to contribute. The IMF currently has $387bn in immediately available resources.
As the FT adds, the $500bn includes $200bn committed by eurozone states last year, but is really $600bn (the IMF would hold the spare $100bn as the buffer.)
Just read Alan Beattie on this, OK – FT