Leaders at the G-20 summit have agreed to give 1 trillion USD to the International Monetary Fund (IMF) and the World Bank (WB) to help struggling nations around the world.
Of the giant bailout package, 500 billion USD is given to IMF, 250 billion USD in the IMF's currency, so-called Special Drawing Rights, and 250 billion USD committed to boost international trade.
Addressing at a press conference at the end of the summit in London (UK) on Apr. 24, host Prime Minister Gordon Brown said that the 20 countries at the summit have also agreed to enact common policies to crack down on tax havens, regulate hedge funds, and rebuild trust in the financial system to “prevent a crisis such as this from happening again.”
According to the UK leader, the G-20 leaders have made a vague commitment to “deliver the scale of sustained fiscal effort necessary to restore growth” and said the world was in the middle of a giant monetary and fiscal stimulus valued at 5 trillion USD.
They also agreed to sell IMF-held gold to poor countries, and try to resume Doha negotiation round at G-8 meeting slated for Italy in June.
G-20 leaders agreed to gather again to assess progress on their commitments at the sidelines of the annual UN summit in New York in September./.