IMF chief hails G20 commitment to global stability fund

MEXICO CITY, Nov. 5 (Xinhua) -- Christine Lagarde, managing director of the International Monetary Fund (IMF), said Monday that she was pleased with the contributions from the Group of 20 (G20) countries to a global financial stability fund.

"In Tokyo we signed agreement to deliver nearly $290 billion to the fund," Lagarde told a press conference on the sidelines of the G20 finance ministers and central bank governors meeting in Mexico City. "Around 100 billion more is due within the next weeks. We are now north of 80 percent of committed increase to IMF funds."

The G20 committed itself to loaning the IMF an additional 461 billion dollars at its meeting in the Mexican resort city of Los Cabos earlier this year. The formal funding agreement was finalized on the sidelines of the IMF and World Bank meetings in Tokyo.

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