Sunday 5 April 2009

UAE to meet IMF quota

Economists say not to expect the UAE to provide more funds than it has already committed to pump up the rescue funds available at the IMF.

The Group of 20 (G20) announced on Thursday that it would boost to more than US$1 trillion (Dh3.67tn) the amount of bailout funds available to the IMF to lend to countries hit hardest by the global economic crisis.

Expectations had been high that the Gulf and other big exporters with sizeable foreign currency reserves would be under pressure to provide a significant portion of any new IMF funding.

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