Riyadh says too early to offer funds for IMF
European Union should take main role to resolve crisis, minister says
Riyadh: Saudi Arabia's Finance Minister Ebrahim Al Assaf said yesterday that it was too early for his country to offer a fresh financial contribution to the International Monetary Fund.
Al Assaf, speaking to reporters at a business conference in the Saudi capital, said the issue would be discussed at a meeting of finance ministers and central bankers from the Group of 20 nations in Mexico City on February 25-26.
Decisions may be made at a later date to boost the IMF's capital and for some IMF member states to provide additional funding, he said.
The IMF is seeking to more than double its war chest by raising $600 billion in new resources to help countries deal with the fallout of Europe's debt crisis.
"The other member states believe that the main and first role should be the European Union's, and then the other states can provide support," Al Assaf said.
