Timms Says IMF will at least double resources

Stephen Timms, British Member of Parliament for East Ham and Financial Secretary to the Treasury, said at the G20 Summit in London Thursday he expects the International Monetary Fund (IMF) to at least double its resources to $500 billion.

The increase in resources was expected, but the magnitude has been unclear given the uneasiness among countries awash with cash, namely China and Saudi Arabia, to help finance stimulus packages in indebted countries in the industrialized world, such as the United States and the United Kingdom.

Later BBC reports suggested a draft proposal included a $500 billion increase to roughly $750 billion, but it is unclear who would foot the bill.