Brown Urges Saudi, Gulf States to Boost IMF Reserves

U.K. Prime Minister Gordon Brown called on Saudi Arabia and other oil-producing Gulf states to scale up the funding of the International Monetary Fund to enable the global lender to rescue countries affected by the financial turmoil. “The Saudis, I think, will contribute so we can have a bigger fund worldwide,” Brown told the press in Riyadh. “The oil producing countries, who have generated over USD1 trillion from higher oil prices in recent years, are in a position to contribute.” The British leader is currently on a tour of the Gulf to appeal funds for IMF and discuss oil prices. (“TOPWRAP 4-Brown seeks IMF cash from Saudis, other Gulf states” - Thomson Reuters, Nov. 2, 2008)