IMF has sufficient resources - Al Assaf
Bloomberg
Published: September 05, 2009, 22:56
Riyadh: The International Monetary Fund (IMF) has "sufficient" resources to support countries requiring an international bailout, Saudi Finance Minister Ebrahim Al Assaf said.
"We want the IMF to support countries, to be ready to support countries in case there is a need, and I think the resources that have been committed already are sufficient for that," he said.
Leaders from the world's most powerful nations in April agreed to triple the money the IMF can lend to rescue crisis-stricken nations to $750 billion (Dh2,75 trillion). The agency will also get another $250 billion in Special Drawing Rights, an overdraft facility for its 186 members. The Group of 20 is turning to the IMF to prevent the worst financial crisis since the Great Depression from engulfing more developing nations.
"There are some issues that we need to revisit again, including the reforms of the international financial institutions, particularly the IMF," Al Assaf said.
The G-20 in April said it was seeking steps to improve the "long-term relevance, effectiveness and efficiency" of the IMF and World Bank, and it pledged to give emerging countries such as India, China and Brazil a greater say in how the agencies are run.
http://www.gulfnews.com/business/Ban.../10346641.html
Bloomberg
Published: September 05, 2009, 22:56
Riyadh: The International Monetary Fund (IMF) has "sufficient" resources to support countries requiring an international bailout, Saudi Finance Minister Ebrahim Al Assaf said.
"We want the IMF to support countries, to be ready to support countries in case there is a need, and I think the resources that have been committed already are sufficient for that," he said.
Leaders from the world's most powerful nations in April agreed to triple the money the IMF can lend to rescue crisis-stricken nations to $750 billion (Dh2,75 trillion). The agency will also get another $250 billion in Special Drawing Rights, an overdraft facility for its 186 members. The Group of 20 is turning to the IMF to prevent the worst financial crisis since the Great Depression from engulfing more developing nations.
"There are some issues that we need to revisit again, including the reforms of the international financial institutions, particularly the IMF," Al Assaf said.
The G-20 in April said it was seeking steps to improve the "long-term relevance, effectiveness and efficiency" of the IMF and World Bank, and it pledged to give emerging countries such as India, China and Brazil a greater say in how the agencies are run.
http://www.gulfnews.com/business/Ban.../10346641.html