The chief of the International Monetary Fund says the IMF welcomes the European Central Bank’s decision to buy state bonds of debt-ridden European countries such as Italy and Spain.

IMF Managing Director Christine Lagarde told reporters following the Asia Pacific Economic Cooperation (APEC) summit in Vladivostok, Russia that the IMF is ready to join the European Central Bank’s action.

Lagarde explained the IMF is fully prepared to help the European Central Bank design and manage the bond purchase program.

She added that Spain and Italy have sufficiently mended their finances as a preliminary step to seek rescue funds.