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 IMF looks to raise $600 billion in new resources:

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PostSubject: IMF looks to raise $600 billion in new resources:   Wed Jan 18, 2012 9:41 am

By Lesley Wroughton

WASHINGTON (Reuters) - The International Monetary Fund
is estimating it needs to raise up to $600 billion in new resources to
lend to countries struggling with the fallout from the growing euro zone
debt crisis, IMF sources said on Wednesday.

While the IMF estimates it will need $500 billion of
the money to lend to member countries, the remaining $100 billion will
be used as a "protection buffer," the sources, who were present at an
IMF board discussion on the issue on Tuesday, told Reuters.

The IMF also estimated that there would be a $1
trillion global financing gap over the next two years if global economic
conditions worsened considerably, the sources added.

The IMF currently has a lending capacity of about $380
billion. IMF sources said a European commitment to inject 150 billion
euros ($200 billion) into the IMF is included in the $600 billion
estimate.

The new figures comes as G20 deputies from developed
and developing nations gather in Mexico on Wednesday for preliminary
talks on boosting the IMF's war chest, with concerns growing that the
euro zone debt crisis has worsened.

IMF Managing Director Christine Lagarde said on Tuesday
she met with the IMF board to assess whether the- global lender needs
additional funds to respond effectively to the euro zone crisis and said
IMF management would explore options for increasing the Fund's
firepower.

The IMF has warned it will cut global growth
projections for 2012 when it updates its forecast on January 24.
Weakening global prospects raises fears that more countries will need
rescuing by the IMF, especially if capital markets freeze up completely.

($1 = 0.7851 euros)

(Reporting By Lesley Wroughton; Editing by Theodore d'Afflisio)

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