First deputy managing director Stanley Fischer told a news conference about the IMF's annual report, releaseed yesterday, that the fund had just $ 5 to 9 billion available to lend, taking account of the need to let member countries draw on the cash they were depositing with the lending institution.

But he said the IMF was nevertheless ready to do what it could to help Latin America, where countries have jacked up interest rates to protect currencies, and where markets are reeling from the knock-on effect of Russia's financial woes. Fischer called on the United States and other countriesto come up quickly with extra cash. "The situation in the global economy unfortunately isbecoming extremely difficult and the resources now available are limited in ways that are unhelpful to increasing confidence inthe international system," he said. But selling some of the IMF's 104 million ounces of gold reserves was not the answer, Fischer said.

"We need to hold those gold reserves as the ultimate assurance to our members of the value of their claims on this institution." The IMF's annual report said countries borrowed $ 25.6 billion from the fund in the financial year to April 30, nearly four times as much as in 1996-97. IMF liquidity ratios have fallen sharply.