First deputy managing director Stanley Fischer told a news conference about the IMF's annual report, released on Sunday, that the fund had just five to nine billion dollars 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 upon the United States and other countries to come up quickly with extra cash.

"The situation in the global economy unfortunately is becoming extremely difficult and the resources now available are limited in ways thatare unhelpful to increasing confidence in the international system," he said.

But selling some of the IMF's 104 million ounces of gold reserves was not the answer, Fischer said.

"We are not going to operate in a way which puts our shareholders' resources at risk," he 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.

"As you can see today, the demands on the fund's resources are not declining right now," Fischer said. "The fund's role in Latin America is also at issue."

The IMF said on Friday that it was ready to put together rescue packages for Latin American countries. But Fischer said the fund had not received a request for help.

The IMF, set up to rebuild the world financial system after World War Two, receives moneyfrom member-states in the form of quotas -- effectively subscriptions to the institution.

Rich countries also contribute to a special $23 billion emergency fund, the `general arrangements to borrow', which was used in July for the first time in almost 20 years to provide part of a big loan to Russia.

Fischer declined to speculate on what would happen if the US Congress did not approve a Clinton administration request for $18 billion of extra cash, some of it to increase the quotas and some to create a new emergency fund, the `new arrangement to borrow'.