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HORSHAM, England - Emerging powers Brazil, Russia, India and China (BRIC) said Saturday at a G20 finance ministers' meeting that protectionism was "an increasingly real threat" and described IMF funds as "clearly inadequate."
"We realise that protectionism is an increasingly real threat to the global economy," BRIC said in a statement, adding that it considered "that IMF resources are clearly inadequate and should be very significantly increased."
G20 finance ministers agreed here Saturday to boost International Monetary Fund resources but held back from indicating a figure, as part of plans to fight the economic crisis.
"The G20 is ready to significantly increase IMF resources," a European source told reporters. A communique confirming the deal was expected following Saturday's talks in Horsham, south of London, ahead of next month's G20 summit in London.
While ministers are finding common ground over IMF funds, the G20 group of leading economies are at odds over stimulus, regulation and protectionism measures needed to battle the downturn.
BRIC nations, which form part of the G20, also called for more help for countries hit by the credit crisis.
"We deem it necessary to develop new credit facilities that could assist countries facing financial problems," BRIC said, adding that the new facilities should offer greater flexibility to help needy countries quicker.
It also called for the Fund to strengthen surveillance, especially in advanced economies with major international financial centres and large cross-border capital flows.
BRIC additionally called for "urgent action" to ensure that emerging economies play a bigger role within the IMF.
- AFP /ls
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