Major emerging powers stood ready today to commit funds to bolster the International Monetary Fund's crisis-fighting capabilities, though Brazil was looking for increasing their voting power at the global lender.
According to Russia, the G20 advanced and emerging countries were ready at a meeting today to commit additional funds to fulfill IMF chief Christine Lagarde's request for at least $400 billion to draw a line under the euro-zone crisis. Russia said it would offer $10 billion.
Russia's deputy finance minister Sergei Storchak said that would be an amount that would satisfy the management of the International Monetary Fund.
Support from Russia, China and Brazil would be crucial for the achievement of the IMF's war chest the global lender is seeking. Europe and Japan have already pledged $320 billion and according to an international diplomat, in all, emerging nations had lined up at least $100 billion.
The IMF has warned that the euro zone's debt crisis presented the gravest risk to the global economic expansion, and financial markets were concerned Spain and Italy would need bailouts, after Greece, Ireland and Portugal.
Enlarging of the IMF's coffers could serve to reassure investors that further widening of the crisis could be contained.