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IMF funding need may be less than thought, chief says

International Monetary Fund Managing Director Christine Lagarde
International Monetary Fund Managing Director Christine Lagarde
Saul Loeb,Afp/Getty Images

WASHINGTON — The head of the International Monetary Fund says the lending agency might not need as large a boost in financial resources as first thought to address Europe's debt crisis.

IMF Managing Director Christine Lagarde didn't elaborate in a speech Thursday beyond citing an improved "economic climate." She says she hopes to resolve the issue when the IMF holds its spring meeting in Washington next week.

The IMF has about $385 billion in resources it can use to provide loans to troubled countries. In a January speech, Lagarde discussed raising that total by up to an additional $500 billion, bringing the IMF's resources for lending close to $1 trillion.

Her comments Thursday suggested that the IMF might need less, though she cautioned that even with recent gains, the global economy still faced many threats.