G20 summit pledges to increase IMF, WB resources

Published 4 Apr 2009
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G20 summit pledges to increase IMF, WB resources
RIYADH - Custodian of the Two Holy Mosques King Abdullah arrived here yesterday from London after leading the Kingdom's delegation to the G-20 summit. He had also attended the Arab summit and Arab-Latin American summit in Doha.
The Group of 20 nations, including the kingdom of Saudi Arabia have agreed to support an increase in IMF funding up to $750 billion, and backed a possible increase in 'special drawing rights' (SDRs) worth $250 billion as well as to liquefy IMF credit of Gold to help the poorest countries.
The British prime minister said $5 trillion will be spent toward a “concerted fiscal expansion” by member-countries of the G20 that together account for nearly 85 percent of the global output and two-thirds of the population.  The summit also pledges $ 250 billion to support funding trade for promoting international trade exchange.

Last Modified Date: 10/02/2013 - 4:57 PM Saudi Arabia Time


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