WASHINGTON - The International Monetary Fund is considering selling bonds to several developing countries to raise money to combat the global economic slump, the head of the financial institution said Saturday. China and Brazil are among a handful of nations that have expressed interest in purchasing the securities, which would give member states a different way to contribute to the Washington-based fund. The IMF has never before issued bonds. The IMF is seeking more cash to finance loans and aid to member countries during worst economic slump in the funds 64-year history. As the institution taps some of its 185 members for additional cash injections, emerging economies say they want more decision-making power at the fund, setting up a possible clash with the rich nations that run it. Im sure that this vehicle will be used, IMF Managing Director Dominique Strauss-Kahn told reporters in Washington during meetings of the IMF and World Bank, referring to the bonds. Now were discussing with different creditors the way to implement it and the amount that we put in it. Bonds would offer flexibility, he said, and their interest rate would be pegged to the value of the IMFs basket of currencies, known as Special Drawing Rights or SDRs. Still, Brazilian Finance Minister Guido Mantega on April 24 dismissed the substance of the IMFs capital-raising bond sale proposal as insufficient and premature. Contributions should be directed mainly to help emerging markets weather the global credit crisis, Mantega said, rather than to simply strengthen the current structure of the fund. Less than a month after the Group of 20 advanced and emerging economies pledged to boost funding for the IMF, some officials say member states arent making adequate contributions. Canadian Finance Minister Jim Flaherty said Saturday some G-20 nations arent doing their share to provide new emergency assistance funding for the IMF. The IMF said it has received $324.5b in commitments from G-20 members since mid-March. Leaders of the G-20 agreed to triple the funds lending capacity to $750 billion when they met in London on April 2. The IMFs policy steering committee yesterday agreed to a $250b increase in the funds resources through immediate financing from members, according to the groups communique released in Washington. US Treasury Secretary Timothy Geithner said that governments should act quickly to boost the funds resources. The Obama Administration is seeking approval from Congress to contribute up to $100b. Geithner said in a statement that he also supports a push to realign power at the fund in a way that benefits emerging markets. He also proposed a reduction in the size of the IMFs executive board next year to 22 from 24 to better reflect the realities of the global economy. That number should fall to 20 by 2012, he said. Such a shift must come while maintaining representation for emerging market and developing countries, he said, risking a quarrel with European counterparts who might lose representation as a result. Strauss-Kahn also told reporters there is broad agreement among IMF members that fiscal stimulus measures in individual countries were necessary, while saying policy-makers should devise an exit strategy from their emergency moves for when the crisis passes. He also said everybody agrees that cleansing banks balance sheets is essential to spur a recovery. European officials this weekend questioned IMF estimates that toxic assets plaguing financial institutions would force their banks to write down $750b through next year amid global losses forecast to total $4.1 trillion. The IMF said April 21 that its calculations showed banks in the 16-nation euro-area would need to write down more than the US $550b by the end of 2010. The next day the Fund said in a forecast that the global recession will be deeper and the recovery slower than previously thought, as financial markets take longer to stabilise. The global economy will shrink 1.3pc this year compared with a January prediction of 0.5pc growth, the IMF said. On Saturday, Police arrested seven people in Washington for rioting and assault in the vicinity of the IMF and World Bank meetings, police spokesman Quintin Peterson said. Six people were arrested for destruction of property, including attacks on bank branches of PNC Financial Services Group Inc. and Wachovia Corp., Peterson said. Another person was arrested for assaulting a police officer, he said. AFP adds: The World Bank on Saturday launched a 55-billion-dollar infrastructure investment programme as part of efforts to help developing countries weather the worst global slump in decades. It said two vehicles were being set up - its own Infrastructure Recovery and Assets (INFRA) and an Infrastructure Crisis Facility (ICF) run by the International Finance Corp, the World Banks private sector arm.