Source: CCTV.com
04-03-2009 10:57
Special Report: G20 Summit in LondonLeaders at the G20 Summit in London reached a consensus on dealing with the global financial crisis. They've agreed to provide 1.1 trillion U.S. dollars, work against trade protectionism, and tighten banking regulations.
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| British Prime Minister Gordon Brown (R) talks with United President Barack Obama at the summit of the Group of 20 Countries (G20) on Financial Markets and World Economy at ExCel center in London April 2, 2009. The G20 summit is held in London on April 2. (Xinhua/Pool/Frantzesco Kangaris) |
British Prime Minister Gordon Brown says they will provide 1.1 trillion US dollars to the International Monetary Fund, the World Bank, and other international financial institutions.
Five hundred billion dollars will go to the IMF to lend to countries hit hard by the financial crisis. Two-hundred and 50 billion dollars will be used to support new Special Drawing Rights to improve liquidity. One hundred billion dollars will support additional lending by the multilateral development banks to help developing nations. And the remaining 250 billion dollars will be used to guarantee trade finance.
The IMF and the World Bank will adopt reforms to give more say to emerging economies and developing nations. The selection of chief executives for the two institutions will no longer be limited to Europe and the United States.
G20 leaders also agreed to strengthen financial supervision and regulation. They pledged stricter scrutiny of financial institutions, products and markets.
Hedge funds will be covered by financial supervision in the future.
World leaders also pledged to maintain an open environment for trade and investment. They spoke out against trade protectionism, and say they are committed to a quick conclusion of the Doha Round of world trade talks.
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Editor:Qin Yongjing
