On Wednesday, the International Monetary Fund (IMF) said that it will need to increase its resources by $500 billion to help the European debt crisis which increasingly threatens the global economy.The Fund said that more funding could be used to help euro-zone countries which are struggling to pay their debts, adding that it may need up to $1 trillion in the coming years.

The 187-nation institution said in a statemen,t that based on their estimate of global potential financing, they will need about $1 trillion in the coming years and they would aim to rise to $500 billion in additional lending resources.

The IMF said at this preliminary stage, they are exploring options on funding and will have no more comment until the necessary consultations with the their membership have been completed. They will have to converse with members on how to get the remaining resources.

The biggest stakeholder in the Fund is the United States, which reiterated that it would not ask its Congress to boost the International Monetary Fund’s war chest.

International Affairs at US Treasury spokeswoman, Kara Alaimo said that they continue to believe that the IMF can play a big role in recovering the European crisis, but only as a supplement to Europe’s own efforts.

Alaimo said that Europe has the ability to solve its problems and the IMF cannot surrogate for a robust euro area firewall, adding that they have told their international partners that they have no intention to seek additional resources for the IMF.

The MD for the IMF, Christine Lagarde earlier said that the board had recognized the value of making sure the IMF had enough resources to help calm the current global economic weaknesses and regional challenges.

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