G20 leaders agree on trillion-dollar global economy salvation

April 2nd, 2009 - 11:24 pm ICT by ANI  

Gordon Brown London, April 2 (ANI): Leaders of the world’s largest economies, attending the G-20 summit here, agreed upon tackling the ongoing global financial crisis with measures worth one trillion dollars, said a British Broadcasting report on Thursday evening.

The International Monetary Fund (IMF) will get extra resources worth up to 750 billion dollars to help countries with troubled economies.

Sanctions against secretive tax havens and tougher global financial regulation have also been agreed at the summit.

Apart from that, the G-20 has committed about 250bn dollars to boost global trade.

Prime Minister Gordon Brown, on behalf of the G-20, announced that bankers’ pay and bonuses will be subject to stricter controls.

Brown said that a new Financial Stability Board would be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system.There will be greater regulation of hedge funds and credit ratings agencies. A common approach to cleaning up banks’ toxic assets has been agreed, announced Brown.

Besides, the world’s poorest countries will receive extra aid.

“This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for its delivery,” Mr Brown said.

He said there was “no quick fix” for the world economy but there was a commitment to do whatever was necessary. (ANI)

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