PM claims victory in Gulf talks
Gordon Brown is claiming victory in his efforts to get Gulf states to pump more money into struggling economies.
Speaking during a four-day tour of the region, the Prime Minister said he believed Saudi Arabia and other oil-rich countries would agree to boost their contribution to the International Monetary Fund.
Mr Brown has insisted that the fund's emergency reserves need to be expanded by hundreds of billions of dollars.
In a round of interviews, Mr Brown was asked whether he thought Middle East states would now hand over some of the one trillion dollar windfall they have reaped from soaring oil prices.
"Yes, I think people want to invest both in helping the world get through this very difficult period of time but also I think people want to work with us so we are less dependent on oil and have more stability in oil prices," he replied. "The Saudis will, I think, contribute, so we can have a bigger fund worldwide."
The comments came after Mr Brown spent several hours talking to Saudi ruler King Abdullah one-on-one in Riyadh.
Downing Street is also confident that Qatar, where he met his counterpart Sheikh Hamad bin Jassim, will come forward with more funds.
However, officials stressed that no formal announcements are likely before world leaders gather on November 15 to discuss reforming the international financial system in Washington.
Business Secretary Lord Mandelson, who is accompanying Mr Brown, told reporters the Gulf meetings were crucial but may not produce immediate results. "This is a process, not an event," he added.
A senior Government source disclosed that the Saudis had expressed concerns during talks about being used as a "milch cow" to prop up "basket case" economies.
