United Kingdom seeks funds for IMF as does Germany

London (Online-Unsecured-loans) November 1, 2009: The International Monetary Fund is in severe need of money and hence its need is being held up on the world arena currently by the British and the German leaders.

The stalwarts of both the countries, Mr. Gordon Brown (the Prime Minister of UK) and the Chancellor of Germany Angela Merkel have the common conception about the role of the IMF as the helping hand for countries with toddling economies including the ones present in the eastern side of Europe.

The UK Prime Minister emphasised on this role in a press conference in London and laid out his hope of having a new medium of financial support from countries with extra resources for the IMF.

The German Chancellor too, talked along the same line and sought the help of the British leaders even though this resulted in the ire of some European leaders. This ire was due to the claim made by the chancellor of guaranteeing all banking deposits within days after putting forward the opinion that this should not be undertaken by any country in an unilateral fashion.

The Chancellor further asserted the claim of taking the right decision and put forward the notion of Britain being quite an important player in the financial markets in the future.

Mr. Brown has further sought assistance from countries like China and the ones residing the in the oil abundant Persian Gulf for being able to acquire the required sum for bringing the IMF out from the darkness of financial crisis. This sum currently bears the numerical figure of $250 billion. The countries of Hungary, Ukraine and Iceland have taken loans from the IMF and Belarus is about to do so after the completion of the necessary discussions.

IMF also announced on Wednesday that it has plans about creating a new program which will deal with the process of providing monetary assistance to countries which are on the path of development and also have strong economies, but are encountering problems which are results of the global financial mayhem.

The liquidity facility is a short term loan program which has been given the positive nod from the executive board of IMF. This program will cater to the needs of 24 poorer countries which belong mainly from Africa, Asia and Latin America and have asked for assistance in the form of this type of a program earlier this month.

This emergency loan program will be able to give a maximum amount of $100 billion, according to the officials of IMF.

The need to take definitive action in order to establish a functioning world economy has been put forward, both by the British prime minister and the German chancellor. They have furthermore asserted the importance of this step in being able to keep small business alive and also assuring job security apart from helping families encountering financial crisis.

The meeting held on Thursday was in preparation for the major discussion of European leaders on November 7 in Brussels, Belgium with an aim of forming a way of tackling this crisis before the holding of the Washington summit on November 15.

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