October 14, 2011 / 1:02 AM / in 6 years

BRIC countries in talks to boost IMF: report

LONDON (Reuters) - Brazil, Russia, India and China are working on ways to contribute money rapidly to expand the effective funds of the International Monetary Fund, the Financial Times reported on Friday, citing people familiar with talks among the countries.

Discussions involving the so-called BRIC countries are aimed at producing a confidence-boosting announcement at the G20 summit next month, the FT reported.

The newspaper also said the countries are discussing ways to increase the role of emerging economic nations in combating the eurozone sovereign debt crisis.

The FT cited the sources as saying governments are considering either funding an IMF-run special purpose vehicle or lending to the IMF by buying special bonds.

The FT said the increased funds could be used to finance new IMF credit lines to prevent contagion from the eurozone crisis.

An unnamed European official cited by the FT conveyed the view that the eurozone crisis is too big a problem for Europe to solve on its own.

Reporting by Stephen Mangan; Editing by Richard Chang

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