IMF seeks up to $500 billion in new funds (AP)

BRUSSELS ? The International Monetary Fund says it aims to raise up to $500 billion to give out new loans to help to mitigate a worsening financial crisis.

The Washington-based fund said Wednesday that its staff estimates that countries around the world will need about $1 trillion in loans over the coming years.

It says $200 billion that European countries have promised to the IMF are part of the $500 billion total it expects to raise.

The IMF has put up about one third of the financing of eurozone bailouts over the past two years, but worries that non-European countries will also need more assistance amid worsening economic conditions.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20120118/ap_on_bi_ge/eu_imf_resources

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