Britain's Cameron ready to boost IMF funding

3rd November 2011, Comments 0 comments

British Prime Minister David Cameron said Thursday his country would consider boosting its funding to the International Monetary Fund, saying the "world is in crisis".

But, speaking as he arrived at the G20 summit in the French resort of Cannes, he said that he would oppose any direct investment by the IMF in a bailout fund to help the troubled eurozone.

"Let's be clear, when the world is in crisis, it's right that you consider boosting the IMF," Cameron told reporters.

He insisted there would be no risk to the British taxpayer of increasing its funding from its current level of £29 billion (34 billion euros, $46 billion), some of which would go towards indirectly helping the eurozone.

"An organisation founded by Brtiain, in which we're a leading player. No government ever lost money by lending money to the IMF, which supports countries right around the world," he said.

"What we wouldn't support is the IMF investing directly in some euro bailout fund. That wouldn't be right and we won't back it.

"There is no risk to the British taxpayer of seeing the IMF play its proper role. That's what we've always supported."

Cameron has previously defended Britain's involvement in efforts to help the euro despite not being a member of the single currency, on the basis that the eurozone is the country's main trading partner.

But he recently had to face down a rebellion in his Conservative party from lawmakers seeking a referendum on whether to pull out of the European Union altogether.

Cameron has found himself someone sidelined during the battle to deal with the euro crisis, and has previously warned that countries outside the eurozone risked being frozen out amid efforts for a pooled response to the crisis.

© 2011 AFP

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