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EU calls to boost IMF funding

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European Union finance ministers are hoping to boost the International Monetary Fund's (IMF) resources to aid countries suffering from the global economic downturn. German, French and British finance ministers said Europe should increase its overall donation from the promised $US100 billion to $US175 billion. So far, Germany has pledged $US35.95 billion, France is preparing to give a total of euro 18.45 billion and $US26 billion has been offered by Britain. Germany's finance minister, Peer Steinbrueck and his French colleague, Christine Lagarde  have also called on smaller EU nations to join them and lead by example. Steinbrueck and Lagarde said the funding boost would represent around 35 percent of the IMF's new lending facility. The talks of increased IMF funding have also been linked to discussions over voting weight in the IMF where European nations are expected to give up some of their say to emerging economies including Brazil, India and China. The world's group of 20 leading economies have so far pledged $US411.5 billion to fund the IMF and will meet to discuss global financial reforms in Pennsylvania on September 24-25.

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