British PM to ask UAE for bailout funds

November 2nd, 2008 - 4:56 pm ICT by IANS  

Gordon BrownAbu Dhabi, Nov 2 (IANS) British Prime Minister Gordon Brown will arrive in the United Arab Emirates (UAE) capital Monday on a two-day visit in the final leg of his four-day Gulf tour asking the oil rich Arab countries’ assistance to bail out western economies from the current crisis, WAM reported Sunday.British envoy to the UAE, Edward Oakden said Sunday in a press conference Brown will hold meetings with the UAE leadership to discuss the current global financial crisis and its consequences on the global economy.

The talks, he added, would discuss ways to stabilize the world’s financial markets and help affected countries through a crisis fund.

Brown would also discuss the need for greater coordination of monetary and fiscal policies of countries and better inter-bank lending.

Oakden stressed that the UAE is one of the important partners of Britain which, according to him, still has many good investment opportunities on the offer for foreign capitals.

Brown will be accompanied by business secretary Lord Mandelson and energy secretary Ed Miliband, who will have meetings with their ministerial counterparts and undertake a number of separate meetings.

Brown will also be accompanied by a business delegation representing leading British companies and representatives of leading British universities.

The British premier has urged China and the Middle East to use their state-held funds to boost the International Monetary Fund (IMF) after it dipped into its reserves fund to provide emergency loans to Iceland, Hungary and the Ukraine worth more than $30 billion.

Pakistan earlier this week said it will ask the international body for funds within two weeks if it cannot secure $5 billion from other sources.

Both Brown and European Commission President Jose Manuel Barroso have said that the IMF’s $250 billion reserve fund will not be enough for future bailouts.

“The Saudis and other countries in the Gulf states are very important, they are the countries with great revenues and oil wealth,” Brown has said.

Tags: , , , , , , , , ,

Posted in Business |