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|Brown urges Gulf funding for IMF|
Article Date: November 03, 2008
tour by the British prime minister has led to Saudi Arabia and
Qatar saying that they are willing to increase their co-operation to
contain any further spread of the global credit crisis.
Gordon Brown said after meeting Saudi King Abdullah that he is confident that the kingdom will contribute to the International Monetary Fund's reserves to help countries affected by the global credit crisis.
After holding talks with Brown in Doha on Sunday, the Qatari prime minister said his country is keen to work together with other nations to fix the credit crisis.
But Sheikh Hamad bin Jassem Al Thani also said that too much focus has been put on the potential of the Gulf states bailing out Western countries with which they have few ties.
think there is a misunderstanding, nobody here is seeking help more than
co-operation between us and Britain or any other friendly countries," he
"Qatar is not excluded."
The Middle East has significant foreign-exchange reserves thanks to high oil prices, Brown said.
After a three-hour meeting with Abdullah late on Saturday, Brown said: "The Saudis will, I think, contribute so we can have a bigger fund worldwide."
A senior British government source, who declined to be named because he was not authorised to comment, said that during the talks the Saudis had been concerned about becoming a "milk cow" to prop up "basket-case" economies in other parts of the world.
Brown will visit the UAE on the final leg of his tour.