International Monetary Fund (IMF) chief Christine Lagarde said on Monday that member states had promised a total of $456 billion (361 billion euros) for its new crisis fund, $26 billion more than a target set in April.
China, which had held back on how much it would offer for months, will contribute $43 billion, according to the IMF.
“With today’s announcements by an additional 12 countries, a total of 37 IMF member countries... have joined this collective effort, demonstrating the broad commitment of the membership to ensure the IMF has access to adequate resources to carry out its mandate in the interests of global financial stability,” Lagarde said.
“Countries large and small have rallied to our call for action, and more may join. I salute them and their commitment to multilateralism. As a result, total pledges have risen to $456 billion, almost doubling our lending capacity.”
The leaders of Brazil, Russia, India, China and South Africa, meeting before a Group of 20 summit in Mexico, said they “agreed to enhance their own contributions to the IMF.”
They sought to tie the funds to long-delayed reforms that would give the developing world more say at the Washington-based Fund.