Final G-20 Communique Spending Promise: $1,000,000,000,000

Posted By Annie Lowrey Thursday, April 2, 2009 - 2:08 PM Share

The G-20 just released its final communique, summarizing the agreements made during the one-day conference. And, it's a doozy.

The agreements we have reached today, to treble resources available to the IMF to $750 billion, to support a new SDR allocation of $250 billion, to support at least $100 billion of additional lending by the MDBs, to ensure $250 billion of support for trade finance, and to use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries, constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy. Together with the measures we have each taken nationally, this constitutes a global plan for recovery on an unprecedented scale.

It's certainly on an "unprecedented scale." Plus, it's the first global action plan to really emerge from a G-20 conference -- note the sale of gold to shore up developing economies. See more detailed analysis from FP bloggers throughout the day.

EXPLORE:EUROPE, ECONOMICS, FINANCE, FINANCIAL CRISIS, GLOBALIZATION, INTERNATIONAL ORGANIZATIONS

(0)

HIDE COMMENTS LOGIN OR REGISTER REPORT ABUSE

Passport, FP’s flagship blog, brings you news and hidden angles on the biggest stories of the day, as well as insights and under-the-radar gems from around the world.