WASHINGTON: The International Monetary Fund (IMF) has set a tenfold expansion in its standing credit with member nations to 550 billion dollars to improve crisis lending capacity.
Its executive board approved the major borrowing expansion a year after the G-20 nations pledged to triple IMF resources to 750 billion dollars.
In a statement, the Washington based institution said the expansion made its credit arrangement into a more flexible and effective tool of crisis management.
The borrowing arrangement had previously been just 50 billion dollars.
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