In These New Times

Since it is generally recognised that the US/UK control the IMF, this is tantamount to asking for a free give from China. I would be very surprised and dismayed if they fell for this one.

ABC News

29th October, 2008

British Prime Minister Gordon Brown has called on China and cashed-up Gulf oil producing states to give more money to the International Monetary Fund to help fight the global credit crisis.

Speaking at a joint press conference in Paris with French President Nicolas Sarkozy, Mr Brown said the IMF needed an immediate increase in its $400 billion bail-out fund, to lessen the risk of contagion from Eastern European countries like Hungary spreading around the world.

The British Prime Minister did not rule out a British contribution, but said any additional money to help stave off country collapses should come from China and the oil rich states of the Middle East.

Mr Brown is due to travel to the Gulf at the weekend and is expected to raise his proposals with leaders there.

“It’s the countries that have got substantial reserves, the oil-rich countries and others who are going to be the biggest contributors to this fund. China also has very substantial reserves,” he said.

Mr Sarkozy and Mr Brown say they will work together to give Europe a common voice in the face of the world financial crisis.

Mr Brown spoke of setting up a special fund to help countries in financial difficulties.

“Our first priority at the moment is to stop the contagion to other countries, including in eastern Europe,” he said.

“That’s why Nicolas and I will be talking about the global fund the IMF will have now to create to help economies that are in difficulty to prevent contagion coming from their countries into our countries.”