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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: G20 to agree IMF funding boost: European source AFP - Sunday, March 15 HORSHAM, England (AFP) - - G20 finance ministers will agree Saturday to boost IMF funding but hold back from announcing a new stimulus plan as leading economies fight the economic crisis, a European source said. ADVERTISEMENT "The G20 is ready to significantly increase IMF resources," the source told reporters, stressing however that the group of top and developing economies would hold back from announcing a precise figure following a meeting here. The source added that the United States and Europe were not ready to announce a stimulus plan aimed at freeing rich nations from recession. Deals reached on this and on better regulation of financial markets might have to wait until next month's G20 heads-of-state summit in London on April 2 as the United States and Europe struggle to find common ground. The US suggested this week that the IMF's lending capacity should be trebled to 750 billion dollars (580 billion euros). European G20 leaders favour only a doubling of the International Monetary Fund's resources for helping troubled countries to 500 billion dollars. The IMF has repeatedly warned that its resources and therefore its ability to lend to countries in difficulty could fall to dangerously low levels if the economic crisis continues. Each IMF nation is assigned a quota based on its relative size in the world economy and these are used as the basis for how much member states must contribute and how much of a say they have at the international lender. IMF director-general Dominique Strauss-Kahn voiced confidence this week that its resources would be doubled by the G20. He said he had already received several commitments including a 100 billion dollar one from Japan. Emerging countries such as South Africa want a bigger say in IMF governance as part of its reforms. Some analysts have warned that increasing funding available to the IMF is a slow route to tackling the economic crisis. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Iran, China sign $3.2 billion gas dealAP - 1 hour 17 minutes ago G20 ministers agree IMF cash but no stimulus planAFP - Sunday, March 15 G20 to agree IMF funding boost: European sourceAFP - Sunday, March 15 World economy could stifle OPEC's urge to cutReuters - Sunday, March 15 Related Articles: Business WRAPUP 3-G20 skirts discord to focus on rescue fund boostReuters - 1 hour 12 minutes ago Iran, China sign $3.2 billion gas dealAP - 1 hour 17 minutes ago Iran: too much oil availableAP - 1 hour 21 minutes ago Farmer alleges discrimination by Pilgrim's PrideAP - 1 hour 26 minutes ago Obama announces FDA picks, food safety measuresAP - 1 hour 34 minutes ago Enlarge Photo G20 to agree IMF funding boost: European source Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Obama program helping US economy: Summers Chimp used planning skills to attack humans VW reveals race to overtake GM, Toyota View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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