All data is delayed
See More

EU debt crisis at centre of Saudi-IMF talks

Feb 05 2012 11:36

Riyadh - International Monetary Fund chief Christine Lagarde met Saudi Finance Minister Ibrahim al-Assaf on Saturday to discuss efforts to resolve Europe's debt crisis, the state news agency SPA reported.

The talks in Riyadh also covered regional and global economic conditions, it said on its website.

Saudi King Abdullah and Lagarde on Friday reviewed "IMF action and developments in the world economy," according to SPA.

Oil giant Saudi Arabia is a member of the G-20 group of leading economies under pressure to boost their contributions to the IMF's resources for crisis intervention.

The IMF says it wants to raise another $500 billion (380 billion euros), on top of the nearly $390 billion it has available now, to help countries in financial distress.

In an interview published on Friday in the Saudi daily Asharq Al-Awsat, Lagarde said the world body would "rely on its major member states" to raise the money, without naming Saudi Arabia.

It remains unclear if the kingdom will agree to increase its IMF contributions.

Saudi Arabia, the world's largest exporter of crude oil, saw a record budget surplus in 2011 of more than $81 billion on the back of high prices on the world market.

christine lagarde  |  imf


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills..

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote