G20 Unveils $1T Plan to Boost Global Economy

By Kevin Spak,  Newser Staff
Posted Apr 2, 2009 10:31 AM CDT
British Prime Minister Gordon Brown gestures during a joint news conference with President Obama yesterday in London.   (AP Photo)
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(Newser) – The G20 leaders have agreed to a plan to pump $1 trillion into the world economy, British PM Gordon Brown announced today; the agreement will also tighten global financial regulation and crack down on secret tax havens. The plan calls for:

  • The money available to the International Monetary Fund to triple to $750 billion
  • A new overdraft allocation for the IMF  of $250 billion

  • A commitment of $250 billion to support trade finance
  • An agreement to “name and shame” countries making protectionist moves.
  • Sanctions against tax havens that resist transparency
  • International financial regulation to be extended to all financial institutions, including hedge funds
  • Tighter regulation of credit rating agencies to curb conflicts of interest
  • A coordinated effort to implement new rules on pay and bonuses.