G20 leaders mulling boost in IMF funding: Britain

3rd November 2011, Comments 0 comments

World leaders meeting at the G20 summit on Thursday discussed boosting their funding of the International Monetary Fund to help resolve the eurozone debt crisis, Britain's finance minister said.

George Osborne said countries such as the China were interested in the proposals, which have been pushed heavily by British Prime Minister David Cameron, but he refused to put a figure on the increase.

"The international community has also accepted that it needs to address the general global economic situation and there is a debate that has begun, but not concluded, about increasing resources to the IMF," Osborne told reporters.

"There are certainly no numbers yet and I suspect that those discussions will not conclude until tomorrow," he said, summarising day one of the G20 summit in the southern French resort of Cannes.

Britain's government has been floating the idea of an increase in funding for the IMF partly as a way of helping the eurozone without contributing to a direct bailout, which would be politically damaging at home.

Asked if there was international support at the meetings, Osborne said it had been under discussion by G20 nations since the start of October.

"I've not heard anyone object to the suggestion that we increase the resources of the IMF. Individual contributions to that increase have yet to be discussed so I can't give you a number," he said.

"But certainly from what I've heard of the Chinese, and I've had my own discussions with the Chinese here as well, they too are intersted in providing support to the IMF."

Cameron said earlier Thursday that Britain would consider boosting its £29 billion (34 billion euros, $46 billion) funding for the IMF.

© 2011 AFP

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