G20 Mull Boosting IMF Resources

President of the European Commission, Jos? Manuel Barroso (R), and President of the European Parliament, Herman Van Rompuy, give a press conference at the close of the G20 summit in Cannes, 4 Nov 2011. EPA/BGNES

The G20 finance ministers are expected to explore ways of increasing the amount of money available to the International Monetary Fund (IMF), according to EU President, Herman van Rompuy.

The world's 20 biggest developed and developing economies (G20) are holding Friday, for the second consecutive day, an emergency meeting in Cannes, France, to discuss ways to deal with the euro zone debt crisis.

International media cite Van Rompuy, who chairs meetings of European leaders, saying at a news conference Friday he was optimistic that a deal to boost IMF finances would be sealed "in the next minutes".

"The euro zone leaders wanted more lending capacity, more resources, available for the IMF. We have different options and I mentioned them in my introduction. We asked at the G20 level that the ministers of finance of the G20 work on the establishment on those three options. One of the options is to set up, you can call it some kind of trust fund, enhancing the resources of the IMF. So this is not only meant for the euro zone, it is meant for the global community," Van Rompuy said.

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