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Tuesday, 24 January 2012

Gulf call for bigger role in IMF after euro rescue - The National

Saudi Arabia's Prince Turki Al-Faisal yesterday urged the IMF to give Gulf states a bigger say in the global economic order in return for billions of dollars in financial aid to the distressed economies of Europe.

The comments by one of the kingdom's renowned international figures comes as the IMF bids to increase its lending capacity by more than €500 billion (Dh2.3 trillion) to tackle the sovereign debt crisis in Europe. His response also follows last week's visit to the region by European central bankers.

"What we can be certain of is that large developing nations will not agree to provide additional funds without a greater say in the IMF's affairs, and this applies to all global economic governance organisations," Prince Turki told the Global Competitiveness Forum in Riyadh yesterday.