IMF expected to play greater role in resolving financial woes

WASHINGTON DC: The International Monetary Fund (IMF) is expected to get more funds from some rich countries and strengthen its monitoring of the global financial system as part of the efforts to build a new world financial order.

"Our role in surveillance will certainly increase," Dominique Strauss-Kahn, head of the IMF, said on Saturday. The IMF's role of detecting "early warnings" is "absolutely necessary" to forecast and avoid a global financial crisis in future.

Leaders of the G20 countries have asked the IMF, which has 185 members, to promote financial stability, review members' economies every year and issue detailed reports on their financial systems.