G-20 resolves to end global recession with $1 trillion

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   British Prime Minister Gordon Brown announced that the agreements resulting from the G-20 summit in London are not about mere words but a global plan of action to end the currently raging world recession. The immediately pledged measures from the world’s richest economies total $1 trillion.
   
   Some of the measures include: increasing the resources of the International Monetary Fund (IMF) by up to $750 billion so the agency can help countries with troubled economies, pumping in $250 billion to boost world trade, putting heavier sanctions on secretive tax havens, instituting more stringent global financial regulations so as to better regulate investment risk, aiming to create 20 million jobs over the next two years, creating a common standard to clean up toxic assets of banks, and providing the world’s poorest countries with $100 billion extra aid.
   
   The resolution to pump prime the world economy will reach an injection of up to $5 trillion by the end of 2010. The IMF stands to be the biggest beneficiary in this new resolution.
   
   The first point of agreement is the reform of the banking system. In addition, the G-20 has agreed to develop a common regulatory framework to prevent unfair wages and bonuses to reward mismanaging executives. The second point of the G-20 agreement is the cleaning up of toxic assets of banks. Another point as has been explained by Brown is to support the common policy of expansion through ‘all available tools.’

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