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G20 leaders seal $1tn global deal G20 leaders seal $1tn global deal
(10 minutes later)
Leaders of the world's largest economies have reached an agreement to tackle the global financial crisis with measures worth $1 trillion (£681bn).Leaders of the world's largest economies have reached an agreement to tackle the global financial crisis with measures worth $1 trillion (£681bn).
To help countries with troubled economies, the International Monetary Fund (IMF) will get extra resources worth up to $750bn.To help countries with troubled economies, the International Monetary Fund (IMF) will get extra resources worth up to $750bn.
There will also be sanctions against secretive tax havens and tougher global financial regulation.There will also be sanctions against secretive tax havens and tougher global financial regulation.
And the G20 has committed about $250bn to boost global trade.And the G20 has committed about $250bn to boost global trade.
On behalf of the G20, Prime Minister Gordon Brown announced the following steps:On behalf of the G20, Prime Minister Gordon Brown announced the following steps:
  • Bankers' pay and bonuses will be subject to stricter controls
  • A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system
  • There will be greater regulation of hedge funds and credit ratings agencies
  • A common approach to cleaning up banks' toxic assets has been agreed
  • The world's poorest countries will receive $50bn in aid.
  • Bankers' pay and bonuses will be subject to stricter controls
  • A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system
  • There will be greater regulation of hedge funds and credit ratings agencies
  • A common approach to cleaning up banks' toxic assets has been agreed
  • The world's poorest countries will receive extra aid.
IMF boostIMF boost
The IMF has been one of the biggest beneficiaries of the G20 summit.The IMF has been one of the biggest beneficiaries of the G20 summit.
The resources it has to help troubled economies will be increased to $500bn.The resources it has to help troubled economies will be increased to $500bn.
An overdraft facility will also be increased to $250bn (in the IMF's currency, so-called Special Drawing Rights) that the world's poorest countries can call on.An overdraft facility will also be increased to $250bn (in the IMF's currency, so-called Special Drawing Rights) that the world's poorest countries can call on.
"This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for its delivery," Mr Brown said."This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for its delivery," Mr Brown said.
He said there was "no quick fix" for the world economy but there was a commitment to do whatever was necessary.
Mr Brown said the Organisation of Economic Cooperation and Development would publish a list of tax havens later on Thursday and actions would be taken against those that did not comply with international rules.
"We have agreed tough standards and sanctions for use against those who don't come into line in the future," he said.