Aso calls for doubling IMF capital to assist developing economies+

WASHINGTON, Nov. 15 Kyodo -
Japanese Prime Minister Taro Aso proposed Friday that the capital base of the
International Monetary Fund should be doubled as part of efforts to support
emerging and small economies amid the global financial turmoil.
Aso, delivering a speech at the opening of a summit of the Group of 20 major
industrialized and emerging economies, suggested the funding nations of the IMF
consider increasing their contributions to $640 billion from the current $320
billion.
Since it takes time to increase the capital, the premier said Japan is ready to
lend up to $100 billion as a stopgap measure.
Given the new type of turmoil, the IMF must update its role, Aso told his G-20
counterparts at a dinner on the first day of the two-day talks.
He also said the Washington-based lender should enhance its function of issuing
early warnings against financial turmoil.
==Kyodo
2008-11-15 22:11:08