LONDON (MNI) – The G20 Communique is still being drafted with
difficult talks ahead and negotiations taking place over enhanced
funding for the International Monetary Fund, Chancellor of the Exchequer
George Osborne said Friday.
Osborne told BBC Radio that unlike other G20 summits, the ongoing
Cannes summit has no “pre-cooked” agreement and difficult political
negotiations are going on between the participants. The amounts that
will be provided to the IMF by various countries are still up for grabs.
Asked if the IMF would definitely have its funding boosted, Osborne
said “That is the subject of discussion here in Cannes … This summit,
unlike some of the others, has not been pre-cooked. We haven’t come here
with a communique that has already been drafted.”
“The communique is still being drafted and there are a set of very
important and difficult negotiations to be had today,” Osborne added.
He declined to put any numbers on the likely UK contribution to the
IMF but said it would not be “out of kilter” with contributions it has
made in the past.
He endorsed the idea of strengthening the IMF to ensure it was able
to deal with financial crises around the globe, and he believes there is
widespread support for the idea.
— London newsroom: 4420 7862 7491 email: drobinson@marketnews.com
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