G-20 to give $1 trillion to IMF, World Bank

Group also agrees to renounce protectionism, pledges $250 billion in trade finance and outlines raft of policies to rebuild trust in financial system.

By
April 2, 2009 18:59
1 minute read.
G-20 to give $1 trillion to IMF, World Bank

brown obama g20 248.88 ap. (photo credit: AP)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

G-20 leaders pledged an additional $1 trillion to restore credit, growth and jobs in the world economy on Thursday, announcing a broad raft of measures designed to hasten the end of the global financial crisis. The leaders also declared a crackdown on tax havens, regulation of hedge funds and a new supervisory body to flag problems in the world financial system. "Today the largest countries of the world have agreed on a global plan for economic recovery and reform," said the host, British Prime Minister Gordon Brown. A sweeping G-20 communique appeared to bridge the gap between the United States and major European countries over how far to push changes on regulation to curb the market excesses that led to the current crisis. The result of the dramatic one-day gathering was swiftly praised by German Chancellor Angela Merkel and French President Nicolas Sarkozy. Sarkozy praised President Barack Obama and Brown at the end of the meeting, despite having threatened earlier to walk out if unsatisfied with the outcome. The French leader said Obama helped in creating consensus and in persuading China to agree to publish lists of tax havens. Sarkozy said Obama was a "very open man" and "completely in line with what we wanted: that politicians take their responsibilities." European and US markets surged ahead Thursday as the outcome of the summit came into view. While they did not announce any new stimulus measures - as some in the United States had hoped - Brown said the $1 trillion deal to boost funds for the International Monetary Fund, World Bank and other global institutions was unprecedented. "For the first time we have a common approach to cleaning up banks around the world to restructuring of the world financial system. We have maintained our commitment to help the world's poorest," Brown said. "This is a collective action of people around the world working at their best." The G-20 leaders also said that developing nations - hard-hit and long complaining of marginalization - a greater say in world economic affairs. They said they would renounce protectionism and pledged $250 billion in trade finance over the next two years - a key measure to help struggling developing countries. The leaders also agreed to new rules on linking executive pay to performance, Brown said.

Related Content

German neo- Nazi during demonstration in Dortmund
August 16, 2018
Neo-Nazi yelled at by his dad during interview

By AMY SPIRO