| 12.1°C Dublin

IMF wants more cash

IMF chief Christine Lagarde says that now European governments have increased their firewall above a symbolic $1 trillion (€750bn) mark, the time has come to boost the IMF's own firepower.

Ms Lagarde said it was vital to strengthen the fund because rising oil prices, strains on Europe's financial system and high unemployment are threatening the world economic recovery.

"We can provide a circle of protection against global turbulence and help members adjust to changing circumstances with minimal disruption," Ms Lagarde said.