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WASHINGTON - The International Monetary Fund said Saturday it was ready to lend to countries in need of capital in the financial crisis.
The IMF's International Monetary and Financial Committee (IMFC) said it "considers that, using its emergency procedures, the Fund stands ready to quickly make available substantial resources to help member countries cover financing needs.
"The Committee calls for further intensive Fund engagement across the membership to discuss and develop robust policy responses to the crisis," the IMFC said in a statement.
It said that "collaborative action" between emerging and developed countries was critical to tackle the financial crisis.
The statement came on the opening day of the annual meetings of the IMF and the World Bank against a backdrop of the worst financial crisis since the 1930s Great Depression.
The 185-nation IMF acknowledges that "the depth and systemic nature of the crisis call for exceptional vigilance, coordination, and readiness to take bold action," the statement said.
"It underscores that the Fund has a critical mandate to foster the multilateral cooperation needed to restore and safeguard international monetary and financial stability."
The IMFC said it "strongly endorsed" a five-point action plan agreed by the Group of Seven major economies Friday.
The G7 pledged cooperation, decisive action and the "use of all available tools to support systemically important financial institutions and prevent their failure."
- AFP /ls
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