G20 Unveils $1T Plan to Boost Global Economy

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.

(More G20 stories.)