IMF head says more countries seeking support

November 20, 2008

TRIPOLI (Reuters) – The International Monetary Fund (IMF) is seeking a rapidly increasing amount of extra funding to help resolve the world financial crisis, its Managing Director Dominique Strauss-Kahn said Tuesday.

He added at a news conference on a visit to Libya that increasing numbers of countries were asking for help.

“It is true to say that because of globalisation the amount which the IMF is asking for is increasing, and increasing rapidly, and the list of countries asking for some support is increasing every day,” he said.

Strauss-Kahn told the BBC this week his organisation was likely to need at least $100 billion (66 billion pounds) in extra funding over the next six months in order to help countries out of the mire.

Strauss-Kahn said Tuesday the fresh funding would come from large central banks. He did not elaborate.

“At the end (of the process), the size of the fund would probably have increased a lot, which is in line with the increase of the needs,” he added.

He added that no Maghreb country had as yet asked for any additional support.

Emerging markets, mostly in eastern and central Europe, are now seen among the most exposed to global turmoil that is pressuring their currencies, economies, borrowers and banks as investors withdraw funds.

Ukraine, Hungary, Serbia, Belarus and Turkey are all seen talking to the IMF about either rescue or standby packages.

Read also IMFC Statement by the Honorable Tito Mboweni, Governor, South African Reserve Bank on behalf of countries that include Ethiopia (pdf)