IMF Secures £199bn to Deal with Eurozone Crisis

The International Monetary Fund (IMF) has so far secured $320bn (£199bn), a major part of its estimated fund requirement, to deal with the eurozone crisis, around 80 percent of the total it says it needs from global donors to deal with the situation.

It has received a fresh injection of $34bn, which includes a contribution of $8bn from Poland, and another substantial amount from Switzerland, according to IMF managing director Christine Lagarde.

The amount is in addition to the $60bn commitment made by Japan, the first non-European country to contribute to the fund.

"This brings to about $320bn the commitments received so far. I am, of course, very encouraged by this strong demonstration of support for the fund and I look forward to further commitments from our broader membership," Lagarde said in a statement.

She expects more assurances from global finance officials when they meet later in the week in Washington under the aegis of the G20 nations, the IMF and the World Bank.

Fears of a global economic recovery landing in peril and a further flare-up of the eurozone crisis continue to linger, with an increase in the borrowing costs of Italy and Spain.

The US has made it clear that it will not be putting fresh funds in IMF coffers, as it has ensured dollar liquidity for banks in Europe.

Canada, too, has ruled out contributing more to the IMF. "The Europeans need to step up to the plate much more than they have," Canadian finance minister Jim Flaherty said, according to Reuters.

The IMF is weighing in on European nations, which have assured $200bn, and other non-European nations for contributions.

Sweden is expected to commit $10bn, which will later be increased to $14.7bn.

Similarly, Denmark will be contributing $7bn and Norway is expected to pledge nearly $9.3bn.

Though Europe has shown considerable effort towards tackling the eurozone crisis, it still remains the single biggest threat to the region and the world economy, according to the IMF.