Global insurance policy needed to help distressed economies

Prime Minister Gordon Brown said the International Monetary Fund (IMF) needs "hundreds of billions of dollars" to help countries at risk of collapsing amid the world financial crisis.

Brown, who is in Saudi Arabia, told reporters "The oil producing countries, who have generated over one trillion dollars from higher oil prices in recent years, are in a position to contribute."

"If we are to stop the spread of the financial crisis, we need a better global insurance policy to help distressed economies," he said.

The IMF is set to bail out Hungary, Ukraine and Iceland, but needs to boost its coffers.

Brown said he has discussed the plan for extra funds for the IMF with its chief Dominique Strauss-Kahn, as well as French President Nicolas Sarkozy and German Chancellor Angela Merkel.


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