08 Apr '11, 1am

IMF seeks ability to tap into financial markets

WASHINGTON: The International Monetary Fund (IMF) has proposed a plan to allow the multilateral lender to directly tap into financial markets to be able to help member nations in crisis, according to a document published Thursday. "There may be circumstances where it is either necessary, or preferable on effectiveness grounds, to augment significantly the Fund's own resources," the IMF said in a report dated March 23 and released Thursday. "While in 2009-2010 it was possible to do so by turning to member countries, the process took time and may not always be politically feasible," it said. Instead, establishing the means to borrow from the markets at short notice to supplement its existing resources "could be worth exploring," it said. The news comes a day after the IMF said it stood ready to provide aid to Portugal, the latest eurozone nation seeking a bailout from debt w...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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