According to a draft declaration which is expected to be ratified at the EU Summit in Brussels, the EU will urge the G20 leading and emerging economies to increase the fund's lending capacity to $500bn.
The draft calls for reform of the IMF so that it 'reflects more adequately relative economic weights in the world economy'.
The reform suggestion is understood to arise from Chinese pressure for a stronger voice in the fund.
The summit also agreed to double to €50bn the funding available for non-Eurozone member states.
But the summit resisted pressure from the US to provide further stimulus measures as a matter of urgency.
Czech Prime Minister Mirek Topolanek, who is chairing the summit, said: 'We all agree that we are going to be prudent in our fiscal stimulus, while awaiting the results of the first package of stimulus measures.'
Minister for Foreign Affairs Micheál Martin has defended the EU Summit agreement not to extend the existing stimulus package, despite pressure from the US.
Speaking on RTÉ's Morning Ireland, Mr Martin said there were large differences between the EU and the US.
Rescue plan report denied
Meanwhile, the Taoiseach, the German government, the European Central Bank and the European Commission all denied that there is an agreement to bail out Eurozone countries that run into financial difficulties.
German parliamentarian Otto Bernhardt, a member of Chancellor Angela Merkel's CDU party, had said that Eurozone countries had agreed a rescue plan to save some members, such as Ireland and Greece, from going bankrupt, although this might mean giving up the 12.5% Corporation Tax.
He retracted his claims after provoking a strong reaction from the EU Summit in Brussels.
The summit comes amid disagreement between Europe and the US over how to drag the globe out of recession.
The Obama administration wants Europe to pump more money into the system: it has just put $1 trillion into the US economy.
The EU Commission says Europe should implement last year's €200bn stimulus plan first before coming up with new spending.
Countries like Germany which normally act prudently resist the thought of spending more taxpayers' money. Not only does it pile up future debt, it could also damage the single currency.
In any event, Europe insists that the huge sums it is spending on growing social welfare projects, compared to what the US spends, will have the same effect as Washington's big stimulus package.
The EU has also agreed a €5bn energy package that includes €110m for the electricity interconnector between Ireland and Wales as well as funding for a North Sea wind energy grid of which Ireland would be a beneficiary.
