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Brown asks China and oil states for IMF funds
Paul Waugh, Deputy Political Editor28.10.08
GORDON BROWN called on China and oil-rich Gulf states today to pull their weight in the fight against global recession by pumping in billons of extra cash needed for the International Monetary Fund.
Speaking at 10 Downing Street before his departure for Paris for talks with French President Nicolas Sarkozy, Mr Brown did not rule out a British contribution, but made clear he believed the bulk of additional money should come from China and the Gulf oil states.
Mr Brown said: "It is in every nation's financial contagion does not spread.
"It is clear that the whole of the international community must have an interest in stopping this contagion, to prevent the worsening of the global economic downturn.
"That is why it is vital that the international authorities - particularly the International Monetary Fund - play a central role in supporting those economies at this time."
Mr Brown said an immediate "substantial" increase in the $250 billion fund available to the IMF would help prop up countries threatened by the rash of speculation in recent weeks.
The Prime Minister's comments on the crisis come as a new poll shows that Labour has narrowed the Conservative lead to just eight per cent.
The ComRes poll for The Independent put Labour on 31 per cent (up two), the Tories on 39 per cent (down two) and the Liberal Democrats on 16 per cent (down two).
The eight-point Tory lead, down from 12 points a month ago, suggests Labour is benefiting from voters' judgment of Mr Brown's handling of the crisis.
Reader views (4)
Crash Gordon is a fool if he thinks anybody will take any economic lessons from him. Taxing all workers of a country to the hill for 10 years, for the economy to be suddenly wasted and then to expect taxes and wasting more is good?! At least Sarkozy was elected and popular!!
- Georgie, Islington, London
He should tell Sarkozy to stop this sovereign fund nonsense to bail out French business and warn him that if he goes ahead French companies will be blocked from making any future UK acquisitions and possibly forced to divest existing holdings.
- Robert C, London UK
Some comments regarding to the most recent efforts in Europe: Sarkozy should be careful of talking up and representing some aspects of Europe to an audience outside europe as a single block - at these global summits and gatherings, Europe will lose some influence and some of its premium status if it is viewed more like a population on 500m rather than a block of historically rich and powerful influential nations. Moreover he should concentrate on being less outspoken and improve the things internally where he can - increase effencies (such as a euro army - which has the add benefit of promoting concensous) and complementing the status quo, rather than shake down the individual nations with the possibility that they might settle collectively at a discount to their original position. If there is a optimal balance to be struck between the nations existing/perceived as a single block or a group of trading nations isn't Sorkozy single handedly pushing the current stance beyond what is optimal ?
- Robert Crossley, ENGLAND
"Bonjour, Monsieur Brown! 'Ave you brought ze money? Are you 'ungry? Non, non. 'Ungry! Not angry! Not 'Ungary! I say 'ungry! Where ees your Darling? Non, non! Not ze wife! Ze chancelleur. Oui. 'Eem. 'As 'e got ze money. You 'ave no money left? Mais, non! C'est pas possible! No money? When are you leaving?"
- John Problem, Hackney Wick, London, UK
