Brown Wants an Increase in IMF Reserves

The International Monetary Fund requires additional funding to cope with the impacts of the global financial turmoil, U.K. Prime Minister Gordon Brown said. Brown urged China and the Gulf states to boost the fund’s reserves. “We now need substantial additional reserves and we want to draw reserves from countries that have substantial reserves,” Brown said. The British prime minister said the necessary reforms for the fund will be discussed during a Nov. 15 forum on global financial system restructuring in Washington. (“UPDATE 2-UK’s Brown calls for more money for IMF” - Thomson Reuters, Oct. 28, 2008)