IMF may receive more funds from Britain

Prime Minister David Cameron has suggested that Britain may give billions more to the IMF to help the deteriorating Eurozone financial crisis.

David Cameron has suggested that Britain may give billions more to the IMF to indirectly aid the deteriorating Eurozone financial crisis, after initially ruling out increasing Britain’s contribution above the £10bn already approved by MPs in July 2011.

Cameron’s concern that Britain may need to do more is likely to be in anticipation of the upcoming G20 finance ministers meeting next month. Both China and Japan have indicated that they may increase their donations to the IMF. Cameron has so far refused to increase Britain’s contribution to €30bn as part of a European contribution of €150bn. He has, however, left open the possibility of taking part in a global contribution. IMF experts have suggested that donations from foreign treasuries will depend upon the commitment of European nations to creating sustainable economic strategies for its troubled countries.

Although David Cameron’s spokesman has denied that any proposals to increase Britain’s contribution are currently on the table, he did suggest that it is predicted to be a major theme of the G20 meeting in February.

The Prime Minister’s major concern at home would be trying to convince Conservative Euro-sceptics that increasing Britain’s contribution would be in the nation’s best interest. Any increase would have to be approved by Parliament and Cameron struggled to keep support from his own party last July, when 30 Conservative MPs sided with Labour against the proposed contribution.

Euro-sceptics are increasingly finding sympathy amongst their American counterparts who believe, as voiced by Cathy McMorris, Republican Congresswoman: “There is no reason why countries such as America and Great Britain – which are facing their own fiscal crises – should have to bail out the Eurozone.”

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