After meeting for the 2009 G20 London Summit, leaders of the world’s largest economies have decided to allot $1.1 trillion to help combat the worsening effects of the economic downturn.
In addition, the leaders decided to triple resources available to the International Monetary Fund boosting the amount to $750 billion. The World Bank report pointed out that developing countries will be vulnerable due to a possible lack of resources. Poverty is seen to widely spread if not prevented.
The group also decided to place sanctions against secretive tax havens and to promote more stringent financial regulations across the globe. $250 billion more will be allocated to boost global trade.
US President Barack Obama said, “By any measure the London summit was historic. It was historic because of the size and the scope of the challenges that we face and because of the timeliness and the magnitude of our response.”
British Prime Minister Gordon Brown echoes Obama’s sentiments claiming that there is “no quick fix” for the world economy.
Source: BBC News
