G-20 Leaders Focus on Banks as IMF Boosts Backstop

IMF global firewall, helping it raise $456 billion in resources as the eurozone crisis rages.

In a clear statement of their new force in the world economy, rising economic powers brought some $95.5bn in new money to the table for the IMF during the G20 summit in Mexico, pushing it beyond its $430 billion target.

Late Monday, China  $43bn,  Brazil, Russia, India and Mexico $10bn each, $5 billion from Turkey, IMF managing director Christine Lagarde said that 12 more countries offered money to the fund during the Group of 20 meeting in the Mexican resort of Los Cabos, bringing the total number of donors to 37.

Japan's $60bn and German's $54.7bn, and was ahead of France and all other donors.

" Countries large and small have rallied to our call for action, and more may join. she added. Two mths ago, IMF solicited at its spring meetings in Washington gathered a $340 billion, below the $500bn.

China's contribution was most keenly awaited, (world's 2nd largest economy) has the largest foreign reserves, $3.2 trillion. While U.S., on the other hand is not contributing, despite its huge voting power on the IMF board.

The money also came with a warning that things had to change at the Fund, long dominated by the now troubled economic powers of Europe and the United States, which itself has not contributed to the firewall.

Meeting earlier Monday in Los Cabos, The announcement brought an end to the mystery of how much the powerful BRICS countries -- Brazil, Russia, India, China and South Africa -- would provide. The five BRICS leaders renewed their call for a greater say at the IMF and World Bank, both historically dominated by the United States and Europe.

" The broad commitment of the membership ensure the IMF has access to adequate resources to carry out its mandate in the interests of global financial stability."