IMF to Hike Resources to USD500 Billion

The International Monetary Fund intends to double its lending resources for governments to USD500 billion in the wake of the global economic slowdown,

reported. "The IMF aims to double the amount of money it has available to lend to governments to USD500 billion to strengthen international confidence that it can meet any new challenges during the current global downturn, in case more countries are forced to turn to the 185-member institution to borrow," according to the fund. Japan pledged to increase the international lender's current resources of USD250 billion by USD100 billion.