World Finance Leaders Bicker Over Supplying New Money to IMF

While Treasury Secretary Timothy Geithner and fellow finance ministers held talks at the IMF’s headquarters near the White House, protesters clashed with police outside.

Associated Press

World finance officials are bickering over the best way to get the International Monetary Fund more money for its revitalized role in helping shore up capital-starved countries.

That was among the issues for debate Saturday at a closed meeting of the lending institution’s policy-setting board.

While Treasury Secretary Timothy Geithner and fellow finance ministers held talks at the IMF’s headquarters near the White House, protesters clashed with police outside. Several activists were pushed to the ground by police after they tried to march onto a blocked street. Police used pepper spray on the protesters. One protester had blood on his hands, and an officer had blood on the back of his shirt.

The demonstrators, angered by world leaders’ handling of the economic crisis, held signs that read “Capitalism do not resuscitate” and chanted, “Pump up the people power.”

On the agenda at the IMF meeting is how to supply a portion of the $1.1 trillion increase in resources for international lending institutions. That was a goal that President Barack Obama and other leaders set at the Group of 20 nations summit in London on April 2.

There seems to be a growing divide within the 185-nation IMF. Emerging economic powers such as China, Russia, Brazil and India are insisting that the United States, France, Britain and other old-line powers listen to their ideas on different funding approaches.

The rich nations had hoped to get China and the other nations to commit to billions of dollars of support for their effort at these meetings.

Read the rest:
http://sg.news.yahoo.com/ap/2009042
5/twl-us-world-economy-ef375f8.html

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