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Participants in the International Monetary Fund8217;s crisis credit facility agreed to expand it by up to 100 billion,add new contributing countries and make the facility more flexible,the IMF said on Tuesday.
At a meeting in Washington,the 26 participants in the IMF8217;s New Arrangements to Borrow NAB,a standing loan fund for use in times of financial crisis,agreed to increase the credit arrangements to up to 600 billion from a previous pledge of up to 500 million.
The NAB members also agreed to add an unspecified number of new members from a pool of 13 potential new participants.
A formal decision on expanding the NAB is expected to be taken by the IMF8217;s executive board in coming weeks.
8220;Current and potential NAB participants agreed to work quickly to take the necessary measures to make the new enhanced NAB effective as soon as possible,8221; Japan NAB chairman Daisuke Kotegawa,said in a statement.
