Britain's Brown calls for bigger IMF bailout fund | business | Hindustan Times
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Britain's Brown calls for bigger IMF bailout fund

business Updated: Oct 28, 2008 18:33 IST

British Prime Minister Gordon Brown said on Tuesday that he wants China and oil-rich Gulf states to offer money for an enhanced IMF bailout fund aimed at helping countries rocked by the global economic downturn.

Brown told reporters that countries with the largest surpluses could do most to help.

"We must act now, we must set up the fund as quickly as possible," Brown said in London, ahead of talks on the economic crisis in Paris with French President Nicolas Sarkozy. Brown said he will travel to the Gulf region Saturday to discuss the plan and talk on the telephone with Chinese Premier Wen Jiabao later this week.

The British leader said that the emergency IMF fund needs to offer "substantially" more than the current $250 billion set aside to assist struggling nations.

He said he wasn't ruling out making an additional British contribution to the fund, but indicated other countries would likely need to take a lead.

"We don't rule out anything on this, but the big surplus countries are in a position to do most," Brown said.