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IMF explores $1 trillion lending boost

IMF explores $1 trillion lending boost (by Kim Hjelmgaard)

LONDON (MarketWatch) -- The International Monetary Fund is exploring ways to expand its lending fund to a total of $1 trillion, according to a Bloomberg report Wednesday, citing an unnamed official from a Group of 20 nation. Bloomberg reported that the boost to the Washington-based lender's bailout facility would be sought by tapping contributions from China, Brazil, Russia, India and Japan. The massive expansion in the IMF's funding firepower would act to "safeguard the global economy against any worsening of Europe's debt crisis," Bloomberg reported. On Tuesday, Christine Lagarde, the IMF's managing director, said the agency was studying ways to increase its funding war chest.