Friday March 20, 12:40 AM
EU could agree 75 bln euros for IMF: official
BRUSSELS (AFP) - EU nations are close to agreeing to contribute 75 billion dollars to a major increase in the International Monetary Fund's resources, an official has said.
Europe wants to double the resources of the IMF to 500 billion dollars while Washington has suggested lifting its lending capacity threefold to 750 billion dollars.
The official said on Thursday, on condition of anonymity, that leaders were "close to an agreement" on 75 billion dollars after the opening day of a two-day summit in Brussels.
The IMF has repeatedly warned that its resources, and therefore its ability to lend to countries in difficulty, could dwindle dangerously low if the economic crisis persists.
"We didn't yet decide but there was a very strong willingness to increase the resources of IMF," Finnish Prime Minister Matti Vanhanen said. "Tomorrow I hope we can make a decision."
"I believe the level should be about (75 billion dollars), but of course from the EU side, we should have some flexibility about the sum because we are also negotiating with other contributors," he said.
"It would be most important not only to get the USA and Japan but maybe also China and oil producing countries," he added.
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