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EU will boost IMF pledges to $175 billion as summit nears

(China Daily)
Updated: 2009-09-03 10:57

BRUSSELS: EU finance ministers say they are ready to increase their total contribution to the International Monetary Fund to $175 billion.

Sweden's Anders Borg said the 27-nation bloc will give more money to help plug a shortfall in the $500 billion the fund is looking for to help it lend to countries suffering from the global economic downturn.

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He told reporters after yesterday's meeting EU countries still have to decide how much each of them will pledge.

Germany is promising $35.95 billion, France will give $26.5 billion)and Britain will up its share by an extra $11 billion to $26 billion.

EU nations have already promised $100 billion, a fifth of the $500 billion that the fund is looking for. The world's Group of 20 leading economies have so far pledged $411.5 billion to the fund and meet to discuss that and global financial reforms in the US on September 24-25.

German, French and British finance ministers said on Monday that Europe should plug most of the shortfall and on Wednesday they asked smaller EU nations to join them.

They linked this to discussions over voting weight in the IMF where European nations are expected to give up some say to emerging economies such as Brazil, India and China.

The EU's 27 nations hold separate seats at the IMF and can vote as they like. Together they share 32 percent of IMF votes and have so far resisted any suggestion that they take one European seat. Reform may see mid-sized EU countries such as Italy, Spain and the Netherlands lose some say.

AP-Xinhua