Geithner Urges G20 to Pump Up Global Economy

Treasury seeks billions to help IMF prop up struggling nations

By Rob Quinn, Newser Staff

Posted Mar 12, 2009 6:57 AM CDT

(Newser) – Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion to help the IMF aid the worst-hit economies, and urged other leaders to substantially increase their contributions.

Geithner called for forceful, concerted G20 action to combat the global downturn through aggressive government spending. European finance ministers—largely reluctant to increase their own stimulus packages—signaled that they would be willing to boost IMF funding, but suggested cash-rich countries like China and Saudi Arabia should be making more of a contribution.

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[Videos (1)]

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People walk by a currency exchange office in Kiev, Ukraine, Tuesday, March 10, 2009. Tim Geithner has urged the G20 to do more to aid developing economies. (AP Photo/Sergei Chuzavkov)

Treasury Secretary Timothy Geithner, ahead of this weekend's G20 summit, has urged the world's top economies to help the IMF throw a lifeline to emerging markets. (AP Photo/J. Scott Applewhite, File)

Piles of containers are seen March 3, 2009 in Shanghai. China has signaled its willingness to increase stimulus spending to 2%, but many EU nations are reluctant to follow suit. (AP Photo/Eugene Hoshiko)

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President Barack Obama says other nations must sign on to aggressive steps to jump-start their own economies. (clipsyndicate.com)

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Everything we do in the United States will be more effective if we have the world with us. - Treasury Secretary Timothy Geithner

We believe it is important for G20 nations to commit to substantial and sustained actions for a period that matches the likely duration of the crisis. - Treasury Secretary Timothy Geithner

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Geithner Urges G20 to Pump Up Global Economy