"But the biggest part can be played by the countries that have got the biggest surpluses...I think it is the countries that have got substantial reserves, the oil-rich countries and others who are going to be the biggest contributors to this fund."
UK Prime Minister Gordon Brown sets off this weekend for the Gulf, where he will ask oil-rich Saudi Arabia, the United Arab Emirates and Qatar to give money to the IMF to help it cope with the increasing number of requests for financial assistance from countries reeling from the global economic crisis.
"The board of directors of Barclays today announces a proposal to raise up to GBP7.3 billion of additional capital from existing and new strategic and institutional investors."
British bank Barclays said in a statement on Friday it would raise GBP 7.3 billion ($11.7 billion, EUR 9.3 billion) in new capital, most of which will come from oil-rich Middle East investors. The new capital means that Barclays will not have to receive funding from the British government, unlike some of its competitors, amid the international financial crisis.
Updated: October 31, 2008
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