Special Report: President Hu Attends G20 London Summit
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Chinese President Hu Jintao (4th L, 1st row), and other leaders attending the Group of 20 summit, and top officials from relevant organizations pose for group photos in London, Britain, April 2, 2009. (Xinhua/Li Xueren)
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BEIJING, April 3 -- G20 leaders have
concluded their summit in London, with joint consensus on a plan to pull the
world out of the financial crisis.
They agreed to give over one trillion U.S. dollars to
restore credit, growth and jobs in the world economy and boost the coffers of
the International Monetary Fund and the World Bank.
The leaders have expressed their hope that the
results of the summit will shorten the current recession.
The largest countries of the world have agreed a
global plan for recovery and reform.
British Prime Minister, Gordon Brown, outlined
exactly how the group plans to spend the 1.1 trillion dollar recovery fund. He
said about half of the amount represents newly promised funding for the IMF to
lend to countries affected by the financial crisis. 250 billion dollars has been
allotted for new Special Drawing Rights for the IMF and 100 billion dollars will
go to multilateral development banks to lend to poor nations. In addition, the
IMF will receive a 6 billion dollar-increase for the fund to lend to the poorest
nations.
Gordon Brown, British Prime Minister, said, "... and
we are putting more money aside for that and also for a great recovery."
Brown also said that China deserves the right to
demand more say and representation in the International Monetary Fund. And he
added that a time table had been set for doing so. The Prime Minister also
expressed his belief that countries will work together for a more sustainable,
more open and fairer world.
In a separate news conference, US President Barak
Obama said the G20 needs to reform failed regulatory systems.
Barak Obama, US President, said, "... and we will
reform and expand the IMF and World Bank so they are more efficient, effective
and representative."
Obama also announced plans to save jobs, increase
funding for developing countries, and urged for global unity within the world
economy.
(Source: CCTV.com)
