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"Cash" Gordon on Gulf states tour

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"Cash" Gordon on Gulf states tour


The British Prime Minister Gordon Brown has taken the search for a way out of the global financial crisis to the Gulf states.

With the coffers of an increasing number of nations empty, he is on a four day tour aimed at getting the oil-rich economies to dig-deep for an International Monetary Fund facility, intended to keep vulnerable countries afloat.

After Saudi Arabia, he continued to Qatar, which agreed to offer help.

“If we are going to protect the world against what we might call the contagion of something happening in one country affecting another, then we do need to persuade the countries with reserves and resources to contribute to that. You’re talking about hundreds of billions of dollars here, and I think we will persuade countries from China to the oil states to make their contribution as well,” said Brown.

The IMF has a fund worth around 200-million euros to lend to countries at risk of financial collapse. It is a figure which appears puny as the worldwide crisis unravels.

And Brown pointed out that oil-producers have generated almost a trillion euros from higher crude prices in recent years.

Next stop for the Prime Minister and his team is the United Arab Emirates.

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