PM on Middle East trip to call for action on economic crisis
The prime minister will discuss ways to improve global financial stability during his four-day trip to the Middle East
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Saturday, 01, Nov 2008 10:13
Prime minister Gordon Brown is set to travel to the Middle East this weekend to call for more coordinated efforts to reduce the impact of the global economic crisis.
He will be accompanied on his visit by business secretary Lord Mandelson, climate change secretary Ed Miliband and a delegation of senior UK businessmen.
The prime minister has said another issue he will discuss is increasing the reserves available to the International Monetary Fund (IMF).
Concerns have been expressed that the £150 billion held by the IMF, which is tasked with maintaining international financial stability, may not be enough after emergency assistance was provided to Hungary, Iceland and Ukraine.
Pakistan has also said it will seek help from the IMF soon to deal with its dwindling foreign currency reserves.
Speaking earlier this week, Mr Brown said: "It's the countries that have got substantial reserves, the oil-rich countries and others who are going to be the biggest contributors to this fund.
"I am going to the Gulf at the weekend and it is one of the items that will be in the discussions with all the international leaders."
Mr Brown is also expected to call for greater stability in the global price of oil in order to prevent another period of rising prices as occurred last year with oil trading at $150 a barrel at one point.