(PTI): The International Monetary Fund (IMF) says there is more hope for an early exit from the recession and a faster recovery in major economies.

IMF deputy director, Murilo Portugal, said on Monday that the Fund is to increase its forecast for next year’s global growth to account for a quicker recovery in major economies.

“The recovery is stronger than initially forecast,” Portugal, a former deputy finance minister in Brazil, told journalists on the sidelines of a business seminar.

The IMF will raise its forecast for 2010 global growth to about 3 percent from 2.5 percent, he said.

But the European Central Bank president, Jean-Claude Trichet, dashed the IMF hopes, saying that his organization would not support money markets indefinitely.

“We have introduced exceptional measures under exceptional circumstances. We will have to phase them out once the rationale for these measures fades away,” Trichet told the European Parliament.