Saudi Arabia has no plans to offer extra funds to the IMF, Finance Minister Ibrahim al-Assaf said on Saturday, quashing speculation it would offer cash to help the IMF battle the global financial crisis. "There were lots of rumors that we were coming here to pay the bill, there is no such thing," Assaf said in an interview on the sidelines of a meeting of leaders from the Group of 20 advanced and emerging economies. Earlier this month during a visit to the rich oil-producing kingdom, British PM Gordon Brown said Saudi Arabia should contribute more to the IMF. Assaf said Brown also suggested China, another country with rich foreign exchange reserves, should contribute more. "This is his opinion. This is not our opinion. We are not going to pay more or less than others. We have been playing our role responsibly and we will continue to play our role, but we are not going to finance the institutions just because we have large reserves," Assaf said."These reserves are for the development of the kingdom of Saudi Arabia," the minister said. "There is no specific emergency fund for the IMF or any other institution." "More importantly, our policy with regard to the oil market is very important and responsible when we invest in increasing our capacity in order to have stability in the oil market, which of course is reflected in the stability of the financial markets as well as the global economy at large," Assaf said. He said Saudi King Abdullah told the other G20 leaders about the country's plans to implement a $400 billion program to invest in the oil and government sectors over the next five years.