1. Pan right of finance ministers arriving for family photo
2. Medium of US Treasury Secretary Timothy Geithner with Japan”s Finance Minister Jun Azumi
3. Arrival of International Monetary Fund (IMF) Managing Director Christine Lagarde
4. Pan right of Swiss Finance Minister Eveline Widmer-Schlumpf talking with Geithner to Lagarde talking with Azumi
5. Wide of family photo
6. Zoom in to Widmer-Schlumpf and Geithner posing for photo
7. Tilt up of finance ministers
8. Pan right of finance ministers
9. Pull out of finance ministers leaving photo
10. Lagarde posing for photos with Singapore Finance Minister Tharman Shanmugaratnam
11. Pull out of photographers taking pictures of Lagarde
12. Medium of US Federal Reserve Chairman Ben Bernanke in conversation
13. Wide of protest outside IMF headquarters
14. Medium of protesters carrying banner reading: (English) “Shut down the IMF”
15. Medium of protesters outside IMF headquarters carrying banners and shouting: UPSOUND (English) “Down with the IMF, down with the World Bank”
Finance ministers and central bankers from across the world continued the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC on Saturday.
The participants hope a 430 (b) billion US dollar-plus increase in assistance for the IMF is enough to handle any fresh crisis among the 17 nations that share the Euro as their currency, but they say European governments cannot ease up on dealing with their debt problems.
IMF Managing Director Christine Lagarde announced the new figure at the conclusion of discussions among the Group of 20 major economic powers on Friday, saying that the fundraising was a “huge effort” to supplement the current 485 (b) billion dollars available for loans to countries in trouble, and that the extra resources would help support global economic stability.
Finance officials hope the new lending power will be a backstop should another, larger European country get into trouble in repaying government debts.
Already three European nations – Greece, Ireland and Portugal – have been forced to accept IMF rescue packages along with sizable bailout support from other eurozone nations.
But the concern is that Spain and Italy, much larger economies, are now facing financial difficulties.
If either needed rescuing, the costs would be far higher than what has been raised so far.
Showing there was not unanimity on boosting the IMF”s reserves, the U.S. and Canada refused to participate, contending that European countries are wealthy enough to do more.
Four countries did not disclose their contributions. China, Russia, India and Brazil expressed reservations about pledging additional resources until the IMF puts in place a 2010 agreement to give emerging market nations more of a say in how the agency operates.
There are doubts whether the deal to increase the voting power of China and other emerging countries can be achieved anytime soon.
The Europeans, who have eight seats on the 24-member IMF executive board, are reluctant to give up two seats, to make room for cash-rich emerging market countries.
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