EU seeks a doubling of IMF's recession budget

By Constant Brand | March 21, 2009, Saturday |

Print Edition

EUROPEAN Union leaders yesterday pushed for a doubling of the International Monetary Fund's lending resources to US$500 billion to help avert future crises, and pledged to pitch in about a third of the increase.

EU Commission President Jose Manuel Barroso and other officials announced the agreement at the end of a two-day summit among leaders of the 27 EU member states that focused on efforts to stop a worsening European recession. EU leaders said the bloc itself would provide between 75 billion euros (US$101.7 billion) and 100 billion euros in additional loans to the IMF.

A final decision on reforming the IMF will be made at a meeting of the Group of 20 leading industrialized and developing countries in London on April 2.

EU leaders said coordinating action was key, even if it meant sharing more power with emerging economic powers at international organizations like the IMF.

Economy

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EU seeks a doubling of IMF's recession budget

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