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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: IMF needs hundreds of billions of dollars more: British PM AFP - Sunday, November 2 RIYADH (AFP) - - British Prime Minister Gordon Brown said the International Monetary Fund (IMF) needs "hundreds of billions of dollars" to help countries at risk of collapsing amid the world financial crisis. Brown, who is in Saudi Arabia, told reporters Saturday during a four-day tour of Gulf states that countries which had benefited from recent high oil prices could contribute to the plan. In the wake of British high street bank Barclays announcing it would raise billions of dollars from investors in Abu Dhabi and Qatar, Brown also stressed that Britain welcomed investment from Gulf sovereign wealth funds "as long as they play by our rules and operate in a commercial manner." Brown, whose struggling premiership has been boosted by his leadership in the financial panic, wants the IMF's 250 billion dollar bailout fund for affected countries to be extended to prevent "contagion" elsewhere. He has not previously indicated the amount of cash by which he believes the IMF, which is set to bail out Hungary, Ukraine and Iceland, needs to boost its coffers. "If we are to stop the spread of the financial crisis, we need a better global insurance policy to help distressed economies," he said. "That is why I have called for more resources available for the IMF -- hundreds of billions (of) dollars on top of the 250 billion they already have available -- to lend to those countries at risk of financial collapse. "The oil producing countries, who have generated over one trillion dollars from higher oil prices in recent years, are in a position to contribute." The trip comes after British high street lender Barclays said Friday it would raise 11.7 billion dollars mostly from oil rich investors in Abu Dhabi and Qatar. This could see Abu Dhabi's Sheikh Mansour Bin Zayed Al Nahyan, owner of premiership football club Manchester City, owning up to 16.3 percent of Barclays. Brown hailed the Gulf states as "an increasingly important source of inward investment to the UK." "As long as they play by our rules and operate in a commercial manner, we welcome investment from sovereign wealth funds in the UK," he said. Business Secretary Lord Peter Mandelson, travelling with Brown, also said he saw no problem with sovereign wealth funds investing in Britain. "They want to generate a good return, they are the first to steer clear of politics," he said. The Barclays plan reportedly sparked fury from some large shareholders who said that Barclays had paid a high price to avoid raising capital from Brown's government, which has insisted on limits on bonuses. The Gulf states have been hit by oil prices dropping below 60 dollars a barrel in recent days from record highs of nearly 150 dollars in July on fears of falling demand because of the slowdown. Brown is also expected to push for a more stable oil price after clashing with the Organisation of Petroleum Exporting Countries (OPEC) last month over its emergency cut in production, which aimed to buoy up prices. He is travelling with Mandelson, the former EU trade commissioner, as well as Energy Secretary Ed Miliband and a delegation of 27 leading figures from British business. The delegation will also be drumming up investment in British business. Miliband is keen to promote Gulf states' investment in green energy technology. The trip comes ahead of an international summit in Washington including Saudi Arabia's King Abdullah on November 15, in which leaders from rich nations and emerging powers will discuss a restructuring of the world financial system, including the IMF. Brown said he has discussed the plan for extra funds for the IMF with its chief Dominique Strauss-Kahn, as well as French President Nicolas Sarkozy and German Chancellor Angela Merkel. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Saudi King Abdullah bin Abdul Aziz (R) welcomes British Prime Minister Gordon Brown in Riyadh on November 1. Brown said the International Monetary Fund (IMF) needs "hundreds of billions of dollars" so it can assist countries hit by the world financial chaos. Most Popular – Top Stories Viewed US presidential race enters final weekend Consumers curb spending, deepening recession fears Australian F1 race posts record financial loss Millions remember Philippine dead When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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