April 17, 2012 / 3:11 AM / 6 years ago

S.Korea vice finance minister says G20 IMF deal unlikely this week

SEOUL (Reuters) - The Group of 20 nations will struggle to reach a deal on boosting the International Monetary Fund’s resources at a finance ministers’ meeting later this week, South Korean Vice Finance Minister Shin Je-yoon said on Tuesday.

“Key countries like the United States and Canada haven’t stated their position on the matter so I think (a deal) will be tough this time,” Shin told reporters on the sidelines of a conference.

The G20 ministers are meeting in Washington April 19-20 to discuss the IMF’s call for more resources. G20 officials told Reuters last week that the member states will likely agree to increase the IMF’s resources by between $400 billion and $500 billion, rather than the $600 billion initially sought by the fund.

Shin said South Korea was considering how much it might contribute to the IMF but would not give a specific figure. Seoul has said it is willing to assist the IMF once there is a broad G20 consensus on the issue.

Japanese Finance Minister Jun Azumi said earlier Tuesday that it would provide $60 billion in loans to the IMF and that Japan was “confident” that other countries will follow with similar pledges.

Reporting By Shinhyung Lee; Writing by Se Young Lee; Editing by Jonathan Hopfner

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