US Calls For IMF Firepower To Triple

The US raised the stakes in its drive for an aggressive response to the global financial crisis Wednesday, calling for a tripling of the International Monetary Fund's (IMF) firepower and bigger fiscal stimulus measures worldwide.

US Treasury Secretary Tim Geithner called for the radical changes ahead of the G20 finance ministers' meeting in the UK this weekend. The US proposed that the IMF, which has about $250 billion in easily usable resources, should get up to $500 billion more to help it combat instability in crisis-struck countries.

Geithner said the administration will ask Congress to make $100 billion more available nearly doubling the current US commitment to the IMF to aid struggling nations. Given the intricate ties among economies across the world, Geithner said, it is critical for leading economies to move together in a 'sustained' and 'coordinated' fashion. That includes boosting the amount of money available to organizations such as the IMF.

It was reported that "the push represents a significant shift in US attitudes toward the IMF and could prove controversial. The increased funding would require approval from Congress.