IMF to raise $500 b to face global financial strains

WASHINGTON: The International Monetary Fund said Wednesday it would seek to raise up to $500 billion from members to bolster lending resources in the face of global financial strains.

“Based on staff’s estimate of global potential financing needs of about $1 trillion in the coming years, the Fund would aim to raise up to $500 billion in additional lending resources,” the Washington-based lender said in a statement.