Gordon Brown makes plea to 'Islamic terrorists' for assistance

[Informer]

Brown asks Saudis for help
02/11/2008 13:18 - (SA)


Riyadh - British Prime Minister Gordon Brown made a direct plea on Sunday for Gulf states to contribute to the International Monetary Fund's reserves to bailout struggling countries - promising that they would have a say in any future new world economic order.

Brown, who has drawn ire from some oil producing states for criticising a recent decision by OPEC to cut production to lift prices, also told business leaders here that it was in everyone's interest to have a stable price for crude oil.

"I believe that your country has a crucial role to play and your voice must be heard," Brown told business leaders in a breakfast address on the first stop of a tour of the Gulf that also takes in Qatar and the United Arab Emirates.

"I very much hope that as part of that you and other Gulf states will be willing to join with other countries to help stop the financial crisis spreading by helping to boost the international fund for distressed economies," he added.

Rebuild confidence "I believe it is in all our interests to stop this contagion and to rebuild confidence in the financial system for the future."

Analysts have warned that Gulf states could be reluctant to bolster the funds of the IMF, a body currently dominated by the United States and other G-7 industrialised nations.

Kuwait's finance minister, Mostafa al-Shimali, told Al-Anbaa daily in comments published on Sunday, Kuwait was prepared to listen to what Brown had to offer.

"The matter of supporting world markets depends on investment opportunities on offer and their possible returns," he said.

Any funds from Gulf states are unlikely to be pledged before a meeting of G-20 nations to hammer out potential reform of the global financial system to prevent a repeat of the current crisis, scheduled for November 15 in Washington DC, which will also be attended by Saudi Arabia's King Abdullah.

"I am delighted that Saudi Arabia will take its rightful place at the table in these discussions," Brown told an audience of the Saudi British Joint Business Council, including Mohammed Al-Mady, chief executive of petrochemicals manufacturer Saudi Basic Industries Corp and other top business leaders.

Brown said that the meeting of oil producers and consumers led by King Abdullah in Jeddah in July "broke new ground in recognising ... that we have common interests as producers and consumers in more stable energy prices and the need for a sustainable transition to a more low carbon emissions economy for the longer-term."

OPEC last month cut oil production by 1.5 billion barrels per day to lift the oil price, warning that investment in key production was under threat because of the plummet in the price from a high of $147 at the time of the Jeddah summit in July to under $70 currently.

Britain is planning a summit in London in December to follow up that meeting.

Brown said the current crisis would only be overcome with coordinated global action, citing the success so far of concerted central bank action to cut interest rates and European and US banking system bailouts.

Britain is now the second-largest foreign investor in Saudi Arabia, with around 200 joint ventures worth some $14.5bn and British exports worth nearly $1.9bn.

[dblock]

http://news.bbc.co.uk/1/hi/uk/7703862.stm Gordon Brown has arrived in the Middle East to ask Gulf states to help stabilise oil prices and to contribute to tackling the global economic crisis. Speaking ahead of the visit, he said Gulf states had an interest in a "well functioning economy". And he said they had an interest in a "stable energy price" not in "massive volatility" that had been seen. Mr Brown is being joined in Saudi Arabia by Energy Secretary Ed Miliband and Business Secretary Peter Mandelson. 'Begging bowl' The UK prime minister held talks with Saudi ruler King Abdhullah at the King"s Palace in Riyadh.

A term that has picked up coinage in the British media over the weekend..now I'm not big fan of some of these oil rich gulf state leaders - certainly because most of them have done nothing to deserve their wealth but I would be wary of simply agreeing to whatever proposals Brown and co have at their meeting this week for investments - certainly if one of the arguments Brown makes will be 'it will favourable for your image'.

[Islamabadi]

brown is stupid...one one side he talks trash about opec cutting oil production and then he begs.. he need to learn how to beg from zardari and co

[Luton Bad Boy]

Gordon BROWN....it's all in the name really...