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IMF set to get $500 bln more funding
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08:41, April 03, 2009

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· President Hu attends G20 London Summit
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The Group of 20 (G20) Summit in London is set to agree on Thursday to contribute 500 billion U.S. dollars more funding to the International Monetary Fund (IMF) to help struggling economies out of the financial crisis, BBC reported.

The international community has already pledged 250 billion dollars to the IMF, but the deteriorating financial situation in East European nations and the worsening crisis around the whole world have prompted calls for more funding, which could be loaned to struggling and poor economies.

Earlier Thursday, British Chancellor of the Exchequer Alistair Darling said the summit will also agree on a 250-billion-dollar plan to support global trade.

"I think we are going to agree to increase the amount of trade guarantees to about 250 billion dollars. That will be a big help because the world trade is stalled at the moment," Darling told BBC on the sidelines of the summit.

Leaders of 20 developed and emerging economies gathered in London for the second time in five months to tackle the worsening financial crisis with an ambition to pull the world economy back to sustainable growth.

Source:Xinhua



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