G20 leaders agree on trillion-dollar global economy salvation
April 2nd, 2009 - 11:24 pm ICT by ANI
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)
- G20 leaders agree to consolidate IMF - Nov 05, 2011
- IMF to explore options to combat global economic risks - Jan 18, 2012
- BRICS voices concern over slow pace of IMF reforms - Mar 29, 2012
- IMF arms itself with $430 bn new funding - Apr 21, 2012
- Will continue to support Europe in crisis: China - Mar 21, 2012
- Eurozone to lend 150 bn euros to IMF - Dec 20, 2011
- World economy still in danger zone: IMF - Feb 27, 2012
- G20 looks to India, China for more funding to IMF - Nov 04, 2011
- Developed nations' problems now affect developing economies: IMF - Oct 16, 2011
- IMF calls for action to handle global crisis - Sep 25, 2011
- China's financial system sound: IMF - Nov 15, 2011
- India wants open, rule-based international economic development: PM - Nov 10, 2010
- Indian PM opposes protectionism, for rule-based economy (Third Lead) - Nov 10, 2010
- China's financial supervision sound: IMF - Apr 06, 2012
- Global economy recovering but reform consistency needed: IMF - Apr 25, 2010
Tags: british broadcasting, extra resources, financial stability, global economy, global financial crisis, global financial regulation, global recession, global recovery, gordon brown, international monetary fund, international monetary fund imf, largest economies, leaders of the world, mr brown, poorest countries, prime minister gordon brown, salvation london, tax havens, troubled economies, world economy