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Mnuchin backs proposal to double IMF’s crisis fund

Business

WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin on Friday said he welcomes a proposal to double the size of the International Monetary Fund’s $250 billion crisis lending fund as part of a deal to maintain overall IMF resources.

Mnuchin, in a statement to the IMF’s steering committee, said he backed the funding increase to ensure the global lender remained adequately resourced to respond to potential crises over the medium term.

He also called for various reforms to streamline the fund’s costs, modernize salaries and benefits, and adopt a more independent, centralized risk management system.

Reporting by David Lawder and Andrea Shalal; Editing by Sandra Maler