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Thursday, April 02, 2009

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

Global leaders pledged an additional $1 trillion to restore credit, growth and jobs in the world economy on Thursday, exceeding expectations in their plan to deal with the financial crisis. The Group of 20 nations also agreed to renounce protectionism and pledged $250 billion in trade finance over the next two years — a key measure to help struggling developing countries, whom they promised to give a greater say in world economic affairs. The G-20 also outlined a raft of policies to rebuild trust in the financial system, including a crackdown on tax havens and hedge funds and new rules on linking executive pay to performance. While they did not agree to any new fiscal measures, Prime Minister Gordon Brown said the $1 trillion deal to boost funds for the International Monetary Fund, World Bank and other global institutions was unprecedented.

(Zoon Politikon)


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