US's Geithner welcomes new IMF money pledges

WASHINGTON: US Treasury Secretary Timothy Geithner said on Saturday that pledges of extra money for the International Monetary Fund were welcome but Europe must now press ahead with reforms to deal with its debt crisis.

Speaking to the IMF's governing committee a day after Group of 20 nations pledged more than $430 billion to more than double its lending capacity, Geithner said Europe already has taken important steps to add to regional stability.

"The success of the next phase of the crisis response will hinge on Europe's willingness and ability, together with the European Central Bank to apply its tools ... flexibly and aggressively to support countries as they implement reforms," Geithner said.