Related
British Prime Minister Gordon Brown, second left, visits King Saud University in Riyadh, Saudi Arabia, on Sunday. (Stefan Rousseau/Associated Press)British Prime Minister Gordon Brown is trying to top up the International Monetary Fund's reserves by persuading oil-rich Persian Gulf states to contribute hundreds of billions of dollars.
Brown said Sunday he expects Saudi Arabia will help boost IMF reserves, which would be used to help bail out economies hit hardest by the global financial crisis.
"The Saudis will, I think, contribute so we can have a bigger fund worldwide," he said after a meeting with Saudi Arabia's King Abdullah late Saturday and business leaders early Sunday in the Saudi capital, Riyadh.
The IMF has already given emergency loans worth $30 billion US to Iceland, Hungary and Ukraine. Pakistan is asking for a $5-billion bailout.
The IMF's reserves for bailouts total $250 billion, but Brown said hundreds of billions more will be required as more countries ask for help.
"The oil producing countries, who have generated over $1 trillion from higher oil prices in recent years, are in a position to contribute," Brown said.
Any funds from Gulf states are unlikely to be pledged before a meeting of G-20 nations to hammer out potential reform of the global financial system to prevent a repeat of the current crisis. The meeting, scheduled for Nov. 15 in Washington, D.C., will also be attended by Abdullah.
"I believe that your country has a crucial role to play and your voice must be heard," Brown told a breakfast meeting of business leaders in Riyadh, before leaving for Qatar, his second stop of a four-day tour.
Last week, he called for a doubling of the emergency fund used by the IMF to prop up ailing economies, and said China and Russia, each with large foreign exchange reserves, are in a position to help.
Share Tools
Top News Headlines
- Deadly Ontario crash caused by van driver's error
- The driver of a van involved in a crash that killed 11 people in southwestern Ontario on Monday failed to obey a stop sign and was not licensed to carry his passengers, police say. more »
- Old Age Security sustainable, says budget watchdog
- Parliamentary Budget Officer Kevin Page says the cost of elderly benefit programs are affordable in the long term and won't affect Canada's fiscal sustainability. more »
- Kelowna cyclist missing after plunge through ice
- Emergency responders are looking for a man who fell through the ice while cycling on a lake north of Kelowna, B.C. more »
- Canada census shows people moving west
- The latest census figures show Canada's population at 33.5 million, with more people continuing to migrate to the West. more »
Latest World News Headlines
- Harper's 'strategic partner' China yields investment deal
- Prime Minister Stephen Harper and his ministers have signed a series of agreements in Beijing on investment, education, research, energy and natural resources, further binding Canada's future to fast-growing China. more »
- 10 Canada-China deals: one big one and a 'blizzard'
- Here are a few details of the major investment deal coming soon between Canada and China, as well as the "small blizzard of incremental agreements" signed in Beijing on Wednesday. more »
- Some Mexico Gadhafi plot charges dropped
- Some of the charges against two men accused of attempting to sneak members of former Libyan dictator Moammar Gadhafi's family into Mexico have been dismissed, according to the family of Cynthia Vanier, a Canadian also arrested in the alleged smuggling plot. more »
- U.S. CAMPAIGN BLOG | How 'Rick Who?' Santorum came back
- CBC correspondents and producers bring you the latest, telling bits from the nomination battles and the U.S. presidential race of 2012. more »
Dispatches »
- Colombia's no-name dead Feb. 7, 2012 4:38 PM Puerto Berrio is at a bend in the Magdelena River where bodies from Colombia's civil war wash ashore. Canadian journalist Nadja Drost tells how the souls without names are adopted by locals, and placed at the heart of their spiritual community.
Connect Newsroom Blog
Mounties Shot, Santorum's Hat Trick & Inside Homs Feb. 8, 2012 3:14 PM Tonight we're looking at the dangers police face in patrolling rural Canada.
- RCMP hunt 'dangerous' gunman after Alberta shootout
- Deadly Ontario crash caused by van driver's error
- RCMP surround house after 2 Alberta Mounties shot
- Canada census shows people moving west
- Student bully has dad fearing for daughter's safety
- MP says her baby was kicked out of House
- Harper's 'strategic partner' China yields investment deal
- Santorum tops in 3 Republican caucus votes
- Migrant workers killed in crash were 'breadwinners'

