WASHINGTON -- The International Monetary Fund is considering opening up a new multibillion-dollar lending window to help former communist countries and developing nations shield their currencies from speculative attack, international monetary sources say.


The sources, who declined to be identified, said that Russia and Ukraine would likely be the first countries to borrow from the planned financing facility, which could be set up as early as next month.


"This proposal is on a fast track," one source said.


According to the plan, nations carrying out tough economic reforms would be able to borrow money from the IMF to set up a stabilization fund to fix the value of their currencies on the foreign exchange market.


The pegged exchange rate would serve as an anchor for the economic reforms, enhancing their credibility with investors.


The money for the stabilization fund would be in addition to, and would be used in conjunction with, the IMF's traditional stand-by loans, which have been used to help finance reforms.


Russia is already discussing a $4 billion standby loan with the IMF and a $6 billion currency stabilization fund for the ruble.


The United States and its wealthy allies were originally slated to supply the financing for the ruble stabilization fund, funnelling the money through the IMF.


Under the new proposal, the IMF will directly provide the money itself, from its own resources. Other countries would also be eligible to tap the new facility.


The sources said the IMF has the money to set up the new lending window because it is flush with cash after a 50 percent increase in its resources two years ago.


This will be the second new financing facility set up by the IMF in the last two years.


The Fund last year established a lending window specifically designed to help Russia and other former communist countries on the road to capitalism.


That lending window, called the Systemic Transformation Facility, is due to expire at the end of this year. Rich industrial nations, eager to help Russia, want it extended.


But poor, developing countries, some of whom resent what they see as the West's preoccupation with Russia, have blocked that move, insisting the IMF first help them through a $50 billion issue of its artificial currency, the Special Drawing Right.


The two sides remain deadlocked over the issue, but monetary sources expect them to agree to extend the facility for a few months to gain time to settle their dispute.


The tough stand taken by the poor nations has raised questions about whether they will also try to block establishment of the new currency facility, which, while open to all, would mainly benefit Russia.