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IMF to get financial boost

(China Daily)

11:22, November 05, 2011

President Hu Jintao joins world leaders at the G20 summit in Cannes, France, which concluded on Friday. (Photo from China Daily)

CANNES, France -G20 members on Friday agreed to boost the resources of the International Monetary Fund (IMF) to prevent the European debt crisis from pulling the world economy into a fresh recession - but failed to agree on how.

Speaking at the end of the two-day G20 meeting, French President Nicolas Sarkozy, the summit's host, said finance ministers of G20 members would be tasked with examining various options.

Earlier reports on Friday said G20 leaders spent a large amount of time discussing how to inject billions of dollars into the world economy through the IMF.

Sources also told Reuters that Sarkozy was pushing to include a reference to special drawing rights - a supplementary foreign exchange reserve unit maintained by the IMF - in a final G20 communique on Friday.

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