Britain's Brown calls for bigger IMF bailout fund

[October 28, 2008]  LONDON (AP) -- British Prime Minister Gordon Brown called on China and oil-rich Gulf states to bolster an enhanced IMF bailout fund for countries rocked by the global economic downturn, saying Tuesday those with the greatest surpluses should do more.

The British leader said that the emergency IMF fund needs to offer "substantially" more than the current $250 billion set aside to assist struggling nations.

"We must act now, we must set up the fund as quickly as possible," Brown said in London, ahead of talks on the economic crisis in Paris with French President Nicolas Sarkozy.

Brown said he will travel to the Gulf region Saturday to discuss the plan and talk on the telephone with Chinese Premier Wen Jiabao later this week.

He said he wasn't ruling out making an additional British contribution to the fund, but indicated other countries would likely need to take a lead.

"We don't rule out anything on this, but the big surplus countries are in a position to do most," Brown said.

[Associated Press]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.