EU calls for doubling IMF lending resources

WATCH VIDEO

Source: CCTV.com | 03-21-2009 09:22

European Union leaders meeting in Brussels are calling for a doubling of the International Monetary Fund's lending resources to 500 billion US dollars. The 2-day summit of EU leaders focused on efforts to stop a worsening European recession.

European Union leaders meeting in Brussels are calling for  a doubling of the International Monetary Fund's lending  resources to 500 billion US dollars.(Xinhua Photo)

On Friday, officials pushed for the doubling of the IMF's lending resources to help avert future global financial crises. The bloc itself pledged to provide between 102 billion dollars and 136 billion dollars in additional loans to the IMF.

A final decision on reforming the IMF will be made at the G-20 summit in London in April.

Angela Merkel, German Chancellor, says, "with regards to the doubling of IMF resources, we have determined that we are willing to contribute 75 billion euros. It has been stressed that the member states should of course do so voluntarily, but there is a collective responsibility. On the other hand we also want to see first what the United States is going to contribute in this context."