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EU urges doubling of IMF funds -- summit draft

Published 03/20/2009, 02:16 AM
Updated 03/20/2009, 02:24 AM

BRUSSELS, March 20 (Reuters) - European Union leaders have agreed to call for a doubling of IMF resources to enable it to help countries hit by the global economic crisis, according to a final draft to be presented to an EU summit on Friday.

The draft, still subject to last-minute changes, said the EU would propose to April's G20 summit in London to "double IMF resources so that the Fund can help its members swiftly and flexibly if they experience balance of payment difficulties".

It made no reference to the size of the possible EU contribution to any doubling.

EU leaders also agreed to keep the ceiling of an existing 25 billion euro ($33.73 billion) bloc crisis fund for troubled European states under review. (Reporting by Mark John, editing by Ralph Gowling)

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