The UK will increase its funding to the International Monetary Fund (IMF) and will urge its European neighbors to do likewise, Chancellor of the Exchequer Alistair Darling said Monday. Writing an op-ed in The Guardian newspaper ahead of this week's G20 finance ministers and central bankers meeting in London, Darling also said the G20 would need to forge ahead on financial reforms, going further to ensure tax havens comply with global standards and bankers' pay doesn't exacerbate risky behavior. Darling said G20 world leaders agreed at the meeting in London in April to boost the IMF's available lending resources to USD 750 billion. (Dow Jones, AP)
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