Downing Street Says » IMF Proposals

» Tuesday, October 28, 2008

IMF Proposals

Put that the Prime Minister had called for a substantial increase in the amount of funding available to the IMF and could the PMS give any guidance as to what substantial meant, the PMS replied that the exact scale of the funding was something that we would be discussing with our international partners in the coming weeks.

Asked if the Prime Minister thought it should be a doubling of the funds available, the PMS said we were looking at a figure in the hundreds of billions of dollars. Asked whether the countries that had been asked to pay more would be given greater say in bodies such as the IMF, the PMS said that the functioning of the IMF was part of the overall discussion on the functioning of the global economic architecture and it was something that we would discuss with the G20 at the meeting in Washington in November.

Asked whether the Prime Minister saw this as an opportunity for China, for example, to take a more significant role, the PMS replied that as the Prime Minister had said earlier today, there was a requirement from the IMF for more funding and that in the first instance that should come from those economies that had a large surplus or significant reserves.

Put that the Government s view had now changed on the Quota influence issue, the PMS said that decisions on China s voting weight in the IMF were a matter for the IMF board. Put that the Government must have a view on the subject, the PMS said that decisions were taken by the IMF board as a whole and the Government s position on the matter had not changed.

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