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IMF secures $430 billion, beats fundraising goal


International Monetary Fund Managing Director Christine Lagarde at a G20 finance ministers and central bank governors meeting event in Mexico City, on February 25, 2012.


Ronaldo Schemidt

The International Monetary Fund has beaten its fundraising goal. 

The IMF by Friday had received pledges of $430 billion from the world's most powerful countries to help it fight the spread and fallout of the euro-zone debt crisis, the G20 said in a statement published verbatim by Bloomberg

"The hunt for new resources was not a cliff-hanger," Marketwatch pointed out.

The IMF already had secured more than $300 billion in loans from its euro-zone members and Japan ahead of this weekend's G20 meetings in Washington, where IMF Managing Director Christine Lagarde expected to secure even more funds. 

More from GlobalPost: Japan, Sweden, Denmark offer $77 billion in loans to IMF 

The IMF had initially been pushing for an extra $600 billion in funds it could use to rescue struggling economies, but has scaled back its requests, saying it may not need as much firepower as it had initially thought. 

The US and Canada didn't contribute, and it's unclear just how much emerging market economies are chipping in, Reuters said

The strongest of those nations — Brazil, Russia, India, China and South Africa a.k.a. the BRICS — have been pushing for more power at the institution in exchange for their contributions. 

"We conditioned the money to the completion of the IMF's quota reform so that emerging countries have larger representation - that was accepted," Brazilian Finance Minister Guido Mantega told Reuters.

For now, however, the BRICS will have to continue waiting for the power shift promised to them by an IMF reform deal made in 2010. 

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