At 3:30 pm local time on April 2, the G20 summit was held in London. British Prime Minister Gordon Brown said at the press conference that the G20 will provide $1 trillion in funds to the International Monetary Fund (IMF) and the World Bank, a scale far beyond the expectations of the parties.
Among them, the size of the International Monetary Fund will be expanded to three times, from $250 billion to $750 billion to help troubled countries.
In strengthening financial regulation, G20 leaders believe that it is necessary to supervise and supervise all financial institutions, financial products and financial markets that have a systemic impact, and for the first time put hedge funds under financial supervision.
The G20 leaders agreed that the International Monetary Fund will issue an additional $250 billion in special drawing rights to members to increase liquidity.
Brown said China will contribute $40 billion to the IMF's capital increase. In addition, the 20 countries also agreed that the fiscal stimulus package will reach 5 trillion US dollars by 2010, providing $250 billion in trade financing to promote the Doha Round negotiations.
Expanding the voice of emerging markets
At the press conference, Brown said that we have always agreed to give emerging economies a greater say in the global economy. He said that many economic organizations created in the 1950s need to be reformed, and we will take decisive action to promote global trade development, which will give developing countries greater voice and role.
The consensus reached by the G20 assembly includes $1 trillion to the IMF and the World Bank. The $1 trillion in capital increase includes $500 billion.
The G20 will inject $1 trillion into the world economy through various mechanisms, including $500 billion in loanable funds to the IMF, $250 billion in special drawing rights (SDR) and $250 billion in trade finance. . Brown said that the IMF provides liquidity, we can provide more liquidity for countries, and will develop plans to ensure the rationality and effectiveness of IMF funding sources, and proposed that the G20 require the IMF to make proposals for gold sales.
On the eve of the summit, China proposed to develop the Special Drawing Rights (SDR) of the IMF into a new international reserve, expressing its own interests and hoping to change the situation of reserve assets.
In response to a reporter's question, Brown said that in the capital increase to the IMF, China provided 40 billion US dollars, the EU invested 100 billion US dollars, and Japan injected 100 billion US dollars. It has entered the Doha Round negotiations in the eighth year, after the conflicts between emerging market countries and the US and Europe and other stakeholders have been shelved.
Brown also stressed that we ask the IMF to provide support to the most difficult countries and $50 billion to the least developed countries. He said that we will not stand idly by and consider those people in distress. The efforts of one country cannot be compared with the advantages of cooperation. We not only deal with banking issues at the national level, but also deal with them from a global perspective.
To promote the Doha Round negotiations, Brown said that in the next two years, G20 countries will invest 250 billion US dollars in trade finance.
5 trillion US dollars to stimulate the economy
At the press conference, British Prime Minister Gordon Brown said that we need to adopt the most basic common measures to resist the crisis through the new consensus rebuilt by the summit. The fiscal stimulus plan will reach 5 trillion US dollars by 2010, and the core of the problem In the processing of problem assets.
Brown said that we are with the IMF, we support the development of the world economy, we implement new salary limits regulations, we will deal with toxic assets. We must act now, and the security of the banking industry has attracted widespread attention. We will create a new financial stability platform.
Brown hopes to create thousands of jobs. Since the Washington Summit, he has injected $5 trillion to save the crisis. The IMF is involved in the process of stimulating the economy. These actions have brought us confidence. Second, we will clean up the banking industry, implement the world's largest economic stimulus plan, and inject $5 trillion to stimulate the global economy.
Brown also mentioned the current economic situation and said that people are losing their jobs. Today's decisions will not take effect immediately. They will not sit and watch people lose their jobs. Today, countries from different continents gather together to make the largest scale in history. The economic stimulus plan, we will simultaneously promote recovery and reform to provide the largest aid in history for trade finance.
Sarkozy emphasized the consistent position at the summit, saying that the 20 countries agreed to supervise the credit rating agencies, G20 agreed to impose penalties on tax havens, and agreed to loosen the bank secrecy system. In addition, hedge funds must be registered to regulate the transparency of rating agencies. Rules for the distribution of salaries and dividends in the financial industry will be established.
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