EU Backs Doubling of IMF Reserves

European Union finance ministers will support appeals to double the reserves of the International Monetary Fund when they meet Tuesday,

reported. The EU ministers are expected to endorse a paper, which urges the bloc to increase the authority of IMF while doubling its funding. "It is essential that the IMF has appropriate financial means to assist countries particularly affected by the current crisis. EU member states support a doubling of IMF resources and are ready to contribute to a temporary increase, if needed," according to the draft paper.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.